The Homestead council has opted to keep the property tax rate at this year’s level, voting 4-0 for a rate of 5.92 per $1,000 of taxable property value.
While the tax rate stayed the same, homeowners in Homestead can expect to see a slight increase in their tax bills. Property taxes are calculated from the assessed value of the home, which this year will rise by 1.5 because of inflation.
The owner of a median home in Homestead — $69,000 — will be looking at a property tax bill roughly $7 higher than last year. That estimate assumes the owner qualifies for a $50,000 homestead exemption for living in the home.
Homeowners will also pay a $1.01 per $1,000 of taxable home value in debt service tax for the voter-approved $26 million general obligation bond to pay for a new police building and related improvements to a temporary facility, and Seminole Theater.
Officials can lower the tax rate or keep it as announced during budget deliberations later on, but will not raise it save extenuating circumstances.
The city is keeping the tax rate after lowering it by $0.32 per $1000 of taxable home value last budget cycle.
The council will hold two public hearings to discuss the budget for the upcoming fiscal year, which starts Oct. 1. The hearings will be held at the William F. “Bill” Dickinson Community Center on Sept. 9 at 5:30 p.m. and Sept. 23 at 5:01 p.m.
At the hearing, the city manager will present a proposed budget for the next budget year, and the public can give their input.
In August, the current and proposed tax rates, the assessed and taxable value of your home, and hearing dates will be sent to all homeowners by the county appraiser in a letter known as the “TRIM notice.” The letter will also include tax rates for county services.