By Mary Hladky
Boca Raton’s tax rate likely will remain virtually unchanged for the fiscal year that begins on Oct. 1.
The proposed FY 2025 tax rate, presented to the City Council on July 22 by Financial Services Director James Zervis, is essentially the same as the current rate, roughly $3.68 per $1,000 of taxable property value.
Under the proposal, the owner of a home with a taxable value of $450,000 will pay $1,655.19 in ad valorem city taxes.
The annual fire assessment fee for residential properties will remain unchanged at $155. The assessments for commercial and residential properties, which are based on the size of the buildings, also remain the same.
The tax rate will be finalized in September. Council members cannot raise the rate above what was presented, but they do have leeway to lower it.
The city has long prided itself on its low tax rate that has held steady for many years, made possible because Boca Raton has the highest taxable property value of any city in Palm Beach County.
Technically, the proposed tax rate is a lower than last year’s rate, $3.6782 vs. $3.6783 per $1,000 of taxable value, but at a .003% reduction, the amount is negligible.
Although the proposed rate is stable, property owners will see higher tax bills because the city’s average taxable value increased 8.5% this year.
Homeowners whose properties are homesteaded will not feel the brunt of that increase because state law caps the taxable value increase at 3%. Non-homesteaded properties are capped at 10%.
The city also has released information on the proposed FY 2025 general fund budget, showing a $20.9 million increase to $243.5 million. The majority of the increase, $13.5 million, will go toward higher employee salary, benefits and pension costs. Eleven new full-time positions are included in the general fund, including a park ranger, environmental officer and grant specialist.
The fund includes $1.5 million for new programs that City Council members have advocated. These include creating a new traffic, mobility and connectivity division — intended to make getting around easier for drivers, bicyclists and pedestrians — and a public art program.
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