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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 />the discretion of Indian River 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 />5.54775.80.01. 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 $84,714
<br />$80,000 $75'$72716 $76,634
<br />$io,3z8
<br />$70,000 $66,970
<br />$60,000-.
<br />$50,000-
<br />$40,000-
<br />$30,000-
<br />$20,000-
<br />$10,000.
<br />50,000$40,000$30,000$20,000$10,000
<br />$0
<br />10/11 11/12 12/13 13/14 14/15 15/16
<br />■ Revenue (in thousands)
<br />Source: Indian River County Finance Department
<br />Table 6.1 shows that, in FY 20145/1-56, Indian River County collected approximately
<br />$x,634,008$84,71.4,000 in ad valorem taxes. In FY 20145/1-56, ad valorem taxes represented
<br />34:7-235.64% 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 />pE•-uaivci
<br />' a in 2010 decreased in 2012/13, and
<br />r—
<br />��^'���'
<br />9ffeugh 20 4has increased each year
<br />since then. The increase relates to «`'i+�.zc ryee
<br />11 e o
<br />sa4epfrEe-ofleev,.,ff'-alar-e ,�avei
<br />wa:.;�vgniZii
<br />and again i Fvgniniic
<br />a continually imnrovina housiniz and Dronerty
<br />market.
<br />Community Development Department
<br />Adopted , Ordinance 2017-_
<br />Figure 6.2: Enterprise Fund Reserve by
<br />FY
<br />$60,000
<br />$5i 072
<br />$50,000$47 736.
<br />$42.378 W 649
<br />$45,337 .
<br />$40,000 $42905
<br />$30,000-
<br />$20,000-
<br />$10,000
<br />30,000$20,000$10,000
<br />$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 />P340
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