By Mary Hladky
Boca Raton’s property tax rate likely will remain unchanged for the fiscal year that begins on Oct. 1.
The proposed 2023-24 tax rate, presented by Deputy City Manager George Brown to the City Council on July 25, is the same as the current rate of $3.68 per $1,000 of taxable property value.
The city has long prided itself on its low tax rate that has remained steady for many years, greatly pleasing residents.
Even so, property owners will see higher tax bills because of soaring property values. Boca’s taxable values jumped by 12.4% this year, slightly below the previous year’s 14.5% rise. Increases in values for property with a homestead exemption are capped at 3%.
The city would have to lower its rate to $3.31 per $1,000 of taxable property value to bring in the same amount of tax revenue as the previous year.
The amount homeowners will pay for fire protection services will remain unchanged from last year’s $155. The amount for commercial and industrial properties varies based on the class and size of the buildings.
The city’s tax rate will not be finalized until September. The City Council cannot raise the tax rate above what Brown submitted, but it does have leeway to lower it.
A public hearing on the tax rate and proposed 2023-24 budget will be held at 6 p.m. Sept. 11 in the city-owned building at 6500 Congress Ave.
A final hearing will be on Sept. 27
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