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Local Sources <br />Local sources consist of revenues that are levied, collected and disbursed at the local level solely at <br />h A. f <br />t screL on o Indian Ri <br />C; iver County. Those local <br />sources are 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 assessed <br />value (net of any exemptions) of real and personal <br />property. This tax is commonly referred to as <br />"property tax." Ad valorem taxes are generally <br />assessed in mills; that is, thousandths of a dollar of <br />assessed value. The state mandated millage cap is <br />10 mills per local government, excluding voted <br />millages. In FY 20145/1-56, Indian River County <br />imposed an aggregate millage rate of <br />5 54775.8001. According to County policy, ad <br />valorem taxes may be used for both operating and <br />capital project expenditures. <br />Figure 6.1: Ad Valorem Tax Revenue by <br />FY <br />$90,000 <br />$80,000 <br />$70,000 <br />$60,000 <br />$50,000 <br />$40,000 <br />$30,000 <br />$20,000 <br />$10,00()- <br />$0 <br />10,000- <br />$o <br />10/11 11/12 12/13 13/14 14/15 15/16 <br />■ Revenue (n thousands) <br />Source: Indian River County Finance Department <br />Table 6.1. shows that, in FY 20145/1-56, Indian River County collected approximately <br />$765634,00084,714;000 in ad valorem taxes. In FY 20145/1-56, ad valorem taxes represented <br />3435.64% of all revenues collected by Indian River County. <br />Figure 6.1 displays the ad valorem tax revenue <br />collected by Indian River County over the last six <br />fiscal years. As shown, ad valorem tax revenue <br />peaked in 2010 decreased in 2012/13, and <br />deeli,oa'n1 Chas increased each gear <br />since then. The increase relates.to With <br />sales pr-iE® of homes, ^�lorenTwi Revenue <br />i4arer-RARP.1i in 12)�=l 1/14 and again in FY 2014/15-. <br />a continually imbrovina housing and nronerty <br />market. <br />Community Development Department <br />Adopted , Ordinance 2017-_ <br />Figure 6.2: Enterprise Fund Reserve by <br />FY <br />$60,000- <br />$51,0721 <br />$50,000 $4s,337 $,7739, <br />$42,378 $42,905 $43649 <br />$40,000- <br />$30,000- <br />$20,000- <br />$10,000- <br />$0 <br />40,000$30,000$20,000$10,000$0 <br />10/11 11/12 12/13 13/14 14/15 15/16 <br />■ Revenue (in thousands) <br />Source: Indian River County Finance Department <br />Indian River County <br />3 <br />P2 50 <br />