Fruitland Park commissioners agreed to tentatively hold the line on the city’s proposed millage rate for the coming year.
Commissioners agreed to set the tentative millage rate at 3.9134 per $1,000 of taxable property value – the same as this past year. That number will result in ad valorem revenue of a little more than $2.78 million – an increase of about $254,733 from the past year at a growth rate of 10 percent.
The commission is required to establish a tentative millage rate for Notices of Proposed Property Taxes (TRIM notices) that will be mailed to property owners in the near future. The tentative rate of 3.9134 represents the maximum amount that may be adopted when the overall budget is approved, though commissioners still have the ability to lower the rate if they choose to do so.
TRIM notices are sent out by Lake County.
Commissioners could have adopted a tentative rate of up to 3.9860 by simple majority vote. And they could have approved a higher rate of 4.3846 by a two-thirds vote – four out of five commissioners.
On Monday, the Leesburg Commission agreed to set the city’s tentative rate at 4.2678 per $1,000 of taxable property value – the same as the past two years. That number will result in ad valorem proceeds of a little more than $5.8 million, of which 95 percent – about $5.16 million – will go into the general fund and five percent – $644,961 – will be go the city’s Community Redevelopment Agency.
