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Here’s The Scoop…..LBTS Taxes….The Reality….

HOW FAR WILL YOUR TAXES GO DOWN….REALLY?….

This writer recalls with much fanfare…the Town Manager reporting confidently that the Commissioner’s constituents are going to mighty happy to see …upon opening up their tax bills.. a 10% tax decrease…if the town keeps the same millage rate as last year…$4.1012…which at the time appeared to be “a given.”…that this would be the millage rate….thus enacting this 10% “gift”…to the taxpayers….

(In Town Topics August/Sept. volume 21 issue 6…….the actual rate….published for $4.1012…is 9.51%….)

Then came another budget meeting…with first …. Commissioner Silverstone…then Vice Mayor McIntee…practically falling over one another in unison….saying…the millage could go down to 3.9…… behaving with such authority…on this figure being the correct…attainable millage… that it quickly became ” the new given”….repeated as a “fact” by both.. …despite no vote taken… …in their Commissioner comments….

At the $3.9999…the savings will offer an additional 2.47%….HMMM…….Really?….But for whom?….

BCbythesea…and hubby did a little checking….using our two properties in LBTS….1 is homesteaded…1 is not…

First……. our homesteaded property….a condominium…..in Sea Ranch Club…..

According to the Broward County Property Appraiser…and our tax bill……..hot off the presses….

This property lost 22% of our market value…going all the way down to the assessed value…..

If 3.99 millage rate were the approved LBTS rate….the tax savings on our homesteaded property will be 4%…

In order to receive the 10% savings per the Town Manager’s original projection…the millage rate would need to really be 3.75….

Second……. is a single family home… our non-homesteaded property….located on Washingtonia Ave….

This property’s market value dropped 17%….

The assessed value on non-homestead properties are the same as market value…

If the 3.99 millage is approved the savings is 17%…..

This year the real tax savings will be for non- homestead properties…snow-birds….and businesses….hotels..

BCbythesea…Former Mayor Parker will have a field day with this one!…..

Therefore to achieve the promised results…the millage needs to be cut further to 3.75…

Without that additional drop to 3.75…the savings on homestead properties will last only one year….

BCbythesea has heard this cannot be done …that we will lose our approximately $400 thousand dollar fund “cushion”…….

But…this writer strongly disagrees….

We have other funds…such as the Emergency Fund…at $2.3+ million…an inflated amount put away …

The Town Manager asked the Commission…to tell her if they wanted to lower it… message to commissioners…”TELL HER TO LOWER IT!”….

Then Commissioners…. please join the Town Manager on a little “field trip” to Sun Trust Bank …on Commercial Blvd…and do what any long time… important customer of a bank would do…..

Inform the person in charge…that as a fiscally sound municipality with a long and fruitful history with their bank…. LBTS expects a line of credit to be offered with no costly attorney fees… to be available to the town in case of an emergency…if Sun Trust does not deliver an emphatic positive reply…inform them that LBTS will be looking elsewhere to do the banking in the future!….

The Town can then offer the residents the 3.75 millage rate…… making the Town Manager’s projection of 10% a reality….and …… the LBTS voters………will be a happy bunch….indeed!…..

more to come…….

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