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MEMORANDUM
TO: Village Council
FROM: Michael R. Couzzo, Jr., Village Manager.
DATE: July 2, 2002
SUBJECT: Setting Proposed Ad Valorem Millage Rate for
the Village of Tequesta for Fiscal Year 2002-2003
The administration has begun its annual budget preparation for
fiscal year 2002-2003. As previously mentioned property values
have been assessed approximately 7.8% higher than last year.
After a preliminary review of projected expenses for next year
there are a number of significant new charges (i.e. workers
compensation insurance + 20%, health insurance +35%, public
safety facility debt service, etc.) . Although a challenge, I
believe it prudent to set the proposed millage rate at the
current rate of 6.7305 mills. The proposed millage rate will
provide for the needs of the Village and our desire to continually
improve service levels in a responsible and conservative
manner.
/ 1 E/Kim/Village Council/Millage Rate
RESOLUTION NO. 55-01/02
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, SETTING THE PROPOSED AD VALOREM
MILLAGE RATE FOR THE VILLAGE OF TEQUESTA FOR
FISCAL YEAR 2002/2003 AT A MILLAGE RATE OF $6.7305
PER $1000.00 OF ASSESSED VALUE, AND THE COMPUTED
ROLLED -BACK MILLAGE RATE OF $6.3994 PER $1000.00
OF ASSESSED VALUE.
NOW, THEREFORE, be it resolved by the Village Council of the Village of
Tequesta, Palm Beach County, Florida:
Section I: The proposed millage rate of $6.7305 per $1000.00 of assessed value,
necessary to fund the tentative budgets for the Fiscal Year of 2002/2003 is hereby set.
Section H: The proposed millage rate of $6.7305 per $1000 of assessed value for
the Fiscal Year of 2002/2003 is 5.1737% greater than the rolled -back millage rate of
$6.3994 per $1000.00 of assessed value.
The foregoing Resolution was offered by Councilmember ,
who moved its adoption. The motion was seconded by
Councilmember and upon being put to vote, the vote was as
follows:
FOR ADOPTION AGAINST ADOPTION
The Mayor thereupon declared the Resolution duly passed and adopted this 1 lth day
of July, 2002.
Mayor Geraldine A. Genco
ATTEST
Village Clerk Mary Wolcott
Ad Valorem Tax
Brief Overview
• The ad Valorem tax is defined as a tax based upon the assessed value of
property. Ad Valorem tax rates are expressed in mills. A mill is defined as
1/1000 of a dollar, or $1 per $1,000 of taxable value.
• The state constitution provides that municipalities are authorized by law to levy
ad Valorem taxes except ad Valorem taxes on intangible personal property and
taxes prohibited by the constitution.
• The state constitution sets a cap of ten mills for all municipal purposes.
The ad Valorem tax base is reduced by certain exclusions, differentials,
exemptions and credits.
,D Exclusions are specific property removed from ad Valorem taxation such
as motor vehicles, boats and mobile homes.
Differentials are reductions which results from a different valuation
standard other than fair market value such as agricultural land and
aquifer -recharge land.
o Property may be immune or exempt from ad Valorem taxes such as
properties owned by municipalities and used exclusively by it for
municipal or public purposes.
Exemptions are those deductions typically specified as a dollar amounts
such as the $25,000 homestead exemption.
Village of Tequesta
The assessed taxable value for the Village of Tequesta for 2002 is $525,401,608. This
is an increase of $37,910,656 or 7.8% over the prior year. However, not all of that
property will be taxable due to the exclusions, differentials, exemptions and credits
explained above. Historically, the Village has collected 93% to 95% of taxes levied_
This is due to exclusions, etc., as well as discounts given for early payment of taxes,
The Village budgets ad Valorem taxes at 95% (as allowed by law) in order to calculate
the possible reductions to this revenue source. Therefore this years' ad Valorem taxes
are calculated as follows;
$525,401,608 Assessed taxable value
X .0067305 Millage Fate
3,536,216
X .95
$3,359,405 Budgeted for 2001-2002 Budget
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