Second of Four: District 3 Presentation on Lake Worth 2020 Plan

City Manager Bornstein starts out this video in responding to Mr. McNamara's question that related back to how things were in the city in 2007. He pointed out that the city's taxable value was THREE TIMES higher than it is today, and with that, there were more alternatives in terms of revenue sources. Not so today. Questions are asked about how can the city structure this so that everyone can pay at least something. Commissioner Maxwell talks about legislative and other changes that have happened over the past ten years that further restrict the amount of money a municipality can access through its property tax base. He also notes that sometimes things aren't fair. Commissioner Szerdi talks about our unique location and how they aren't making new cities like ours anymore and that we are in the process of "re-filling" the city with people that want to be in this location.

This is important and missed explaining this in the previous post. The 3.45 mills used as an example to generate the $63.2 million dollars is the total of three separate bond "tranches" The impact of the first year after the initial bond issue will not be the full 3.45 mills. That number is the one that represents the total of the dips into the well. That amount may change if the city gets additional grant money or if values increase more than the projected 4% per year.

And here is an example of a condominium property that does not pay city taxes and wouldn't pay toward this bond issue with its current valuation. Let's call it the Rose Garden Condominium complex.

Only when its taxable value goes about $50,000, will it begin paying city taxes. Right now, the largest share this property owner is paying is to the school district as it relates to ad valorem taxes. There are many properties in Lake Worth with similar valuations. Most of this new burden will be borne by higher value residential properties, non-homsteaded residential properties and commercial properties.