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i <br />Comprehensive Plan Capital Improvements Element <br />Local Sources <br />Local sources consist of revenue sources that <br />are levied, collected and disbursed at the <br />local level solely at the discretion of Indian <br />River County. These local sources are <br />shown in table 6.1, and are described in <br />further detail below. <br />• Ad Valorem Taxes (Property <br />Taxes) <br />Ad Valorem taxes are taxes levied on the <br />assessed value (net of any exemptions) of <br />real or personal property. This tax is <br />commonly referred to as "property tax." Ad <br />valorem taxes are generally assessed in mills; <br />that is, thousandths of a dollar of assessed <br />value. The state mandated millage cap is 10 <br />mills per local government, excluding voted <br />millages. In FY 2004/05, Indian River <br />County applied an aggregate millage rate of <br />6.0885. The Board of County <br />Commissioners' policies allow revenue from <br />ad valorem taxes to be used for both <br />operating and capital project expenditures. <br />Table 6.1 shows that, in FY 2004/05, Indian <br />River County collected approximately <br />$74,179,000 in ad valorem taxes. Ad <br />valorem taxes represented 29.25% of all <br />revenues collected by Indian River County in <br />FY 2004/05. <br />Figure 6.1 displays the ad valorem tax <br />revenue collected by Indian River County <br />over the last six fiscal years. Over that time <br />period, ad valorem tax revenue increased <br />51.25%. <br />Community Development Department <br />JOUCCe: lnaum Klver County Pmance llepartment <br />Source: Indian River County Finance Department <br />Indian River County <br />3 <br />