Lake Worth 2020 event to show how bond would raise property taxes - PB Post Article

Chris Persaud's article, click title for link, is the lead up to today's presentation at the First Congregational Church in the 1400 block of North K Street and North J Terrace put on by the College Park Neighborhood Association. It should be much the same format and information presented at last night's presentation at the Lake Worth Playhouse. I plan to attend with my video camera for this one as well.

Please make sure that you use the TAXABLE VALUE of your property, which is your assessed value from the Palm Beach County Property Appraiser's office less any exemptions, to multiply the projected millage associated with the bond. After the three borrowings, that would be 3.14 per $1,000 of TAXABLE VALUE or .00314 multiplied by your property's TAXABLE VALUE.

Although Mr. Persaud references that $162,695 amount as the average taxable value of a home in College Park earlier in the article, he later throws in this sentence, which could be misleading.

For a $162,695 home, that’s an extra $510 a year.

That "$162,694 home" is not the market value of your average home in College Park. I guess we have to trust his word that it indeed is the average taxable value. However, no one property has what that average is. Don't go around thinking that means that you will be paying that much per year. In my case, I will be paying just a little over $300 per year. Make sure that you know what the taxable value of your property is before you vote. Use the city's calculator on their website and let me know in the comments if you have any questions.

Here are some snips from last night's presentation which may help explain what goes in to taxable value:

Notice that there are also "caps" on non-homesteaded residential properties and commercial properties