The city of Homestead plans to keep the property tax rate the same for the upcoming fiscal year, but residents will see the recent increase in property values reflected on their tax bills.
The Homestead City Council voted Wednesday to propose a tax rate of $5.92 per $1,000 of taxable property value, the same rate for the last couple of years.
Impact on taxpayers
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Under the proposed rate, the owner of a median home valued at about $80,000 (taken from the median assessed value from the property appraiser) would pay about $181 in property taxes.
This marks about a $4 increase from last year, assuming the owner qualified for the standard homestead exemption and the home’s assessed value increased by 0.8 percent, the maximum allowed by law this year owner-occupied home. The slightly higher tax bill is the result of increasing property values in the City of Homestead, which saw a 9.7 percent growth.
Homeowners will also pay a $1.01 per $1,000 of taxable home value in debt service tax for the voter-approved general obligation bond to pay for a new police station, structure improvements at a temporary facility, and the renovation of the Seminole Theatre.
The city will likely not raise the rate as the budget season goes on, but it can be lowered or remain the same.
Impact on services
Homestead officials said that keeping the tax rate the same will let the city grow financially on par with the rising home values.
Aside from the projects in the city that are funded by the general obligation bond, officials still need to allocate funds for other revitalization projects, such as the Losner Park expansion.
What the mayor says
“We can’t afford to stay the same financially across the board. As the boat rises, we should all rise with it. And that’s where we’ve gotten ourselves in trouble in the past.” — Jeff Porter.
▪ When: 5:30 p.m. Sept. 8 for first hearing; 5:01 p.m. Sept. 24 for second hearing.
▪ Where: William F. “Bill” Dickinson Community Center, 1601 N. Krome Ave.
Check your mailbox
Homeowners will receive a letter called a “TRIM notice” in August giving them their proposed tax rate and hearing dates. The letter will also include proposed tax rates for the county, school board and other local agencies.