Even though Manalapan plans to spend 26% less on day-to-day costs next year, residents will pay the same property tax rate for town operations, according to preliminary budget figures.
The Town Commission on July 14 set a preliminary tax rate of $3.00 for every $1,000 of taxable value to pay for its proposed $9.7 million operating budget for the fiscal year that begins Oct. 1.
It marks the fifth year in a row the tax rate has stayed the same. But, because property values have increased, most town residents will see a jump in their tax bills.
The owner of a home valued at $3.7 million after a $50,000 homestead exemption paid $11,100 for town services last year. An expected 3% property value increase, the most allowed by Florida law, would mean the homeowner would pay about $330 more for town services this year.
Property values for commercial property and second homes can increase up to 10% annually, according to state law. Overall, property values in Manalapan went up 7%, reaching $2.6 billion, according to the Palm Beach County Property Appraiser’s Office.
Increased property tax revenues will help make up for a projected $1 million drop in building permit fees, according to town officials. Various planned construction projects were postponed, they said.
The overall operating budget will drop roughly $3.3 million to $9.7 million. Most of the decrease is because the town set aside $2.9 million this year to buy a 1-acre former bank site in Plaza del Mar that will be used for a new Town Hall.
The commission will finalize its spending plan during hearings on Sept. 8 and 22.
— Jane Musgrave
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