Sunday, August 10, 2014

Reminder: A "mill" is one-THOUSANDTH of a dollar...

From the city's website:

What will it cost an “average” property owner?
If voters approve the $63.5 million General Obligation Bond, the city will repay this obligation through property tax revenues. Of course, increases in the millage rate (the tax rate per thousand dollars of taxable value) apply equally to every property owner. But the actual amount of property taxes paid by each owner depends upon the assessed value of the property minus the homestead deduction.
The city is estimating an additional 3.14 mills to fund the bond repayment to fix, improve and build the city's basic infrastructure. That is .00314 of a dollar.

Click here to use the city's calculator to see the impact to your tax bill should the bond issue pass. For many, there will be no change if under the taxable value threshold after exemptions. Check for yourself and be wary of those that come to your door and talk about outrageous increases in your bill. If you do pay tax to the city, a rule of thumb would will likely be $300 annually per $100,000 of taxable value according to the property appraiser's office.

From the Tom McGow archives


Anonymous said...

Correct and no one is coming to anyone's door telling them anything different.

M Artie said...

Larry is telling the people at the door they'll be taxed $30 on every $1000 in the bond passes. That's how he was able to get those yard signs in College Park along the Intracoastal. The big lie. Larry thinks he's being effective. He is. Those silly red and white yardsigns identify the voters that need the correct information to make an informed, educated decision. Thank you Larry!!!

M Artie said...

Ok, let's 'splain it this way. If the bond vote fails the only option left on the table is raising taxes. Unlike bonds which can only be used for infrastructure, revenue from a tax increases goes into the General Fund. Money in the General Fund can be used for almost anything. The public then becomes outraged at high taxes and “votes the bums out.” A couple of Anarchists come along with good stories and believable lies and then... Sound familiar Lake Worth?

The General Fund gets raided again and the streets continue to get worse and worse.