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Comparison of Adopted Millage Rates to Proposed <br />Fund Description <br />FY 2023/24 <br />Adopted Millage <br />FY 2024/25 <br />Proposed Millage <br /># Difference <br />% Difference <br />General Fund <br />3.5475 <br />3.5475 <br />0.0000 <br />0.00 % <br />Land Acquisition Bond 2024 <br />0.0000 <br />0.0639 <br />0.0639 <br />n/a <br />Subtotal Countywide Millage <br />3.5475 <br />3.6114 <br />0.0639 <br />1.80 % <br />MSTU Fund <br />1.1506 <br />1.1506 <br />0.0000 <br />0.00 % <br />Emergency Services District <br />2.3531 <br />2.3531 <br />0.0000 <br />0.00 % <br />Aggregate Millage <br />6.1307 <br />6.1198 <br />(0.0109) <br />(0.18) % <br />The FY 2024/25 proposed millage rates remain unchanged from the previous year's rates forth e existing funds; <br />however, an additional millage is being added for the Land Acquisition Bond 2024. The proposed Aggregate <br />Millage rate is decreasing by 0.0109 mills or 0.18%to 6.1198 mills. This specific rate is not paid by any taxpayer but <br />is rather an average millage rate required to be shown for comparative purposes. <br />According to the Florida TaxWatch (2023 How Florida Counties Compare, May 2023), the average total property <br />tax millage rates for Indian River County (includes all jurisdictions and the School District) ranked 54th for FY <br />2022/2023 at 14.0775, compared with the statewide average at 16.5408. For growth in total property tax levies, <br />from FY 2007/2008 to FY 2022/2023, Indian River County ranked 51st at 21.7%. For the total property tax levies per <br />$1,000 of personal income for FY 2022/2023, Indian River County ranked 51st at $22.07 per $1,000 of personal <br />income. Finally, according to the Florida Department Revenue (Millage Rates by County) for Fiscal Year 2023/2024 <br />Indian River County's General Fund millage rate ranks as the 6th lowest in the state. <br />For illustrative purposes, the effect of the proposed millage rates on a home with an assessed value of $345,755(1) <br />and a homestead exemption of $50,000 is shown in the following table. <br />Typical House Comparison - Proposed vs. Current with 3.0% CPI Increase & $50,000 Homestead Exemption <br />Proposed Millage <br />Compared to current <br />FY 2023/24 <br />Adopted Millage <br />FY 2024/25 <br />Proposed Millage <br />$ Inc/(Dec) <br />% Inc/(Dec) <br />Taxable Value <br />$345,755 <br />$356,128 <br />$10,373 <br />3.00% <br />General Fund <br />$1,049.19 <br />$1,085.99 <br />$36.80 <br />3.51% <br />Land Acquisition Bond 2024 <br />$0.00 <br />$19.56 <br />$19.56 <br />n/a <br />Subtotal - Indian River Shores <br />$1,049.19 <br />$1,105.55 <br />$56.36 <br />5.37% <br />Emergency Services District <br />$695.94 <br />$720.35 <br />$24.41 <br />3.51% <br />Subtotal -All Other Incorporated Areas <br />$1,745.13 <br />$1,825.90 <br />$80.77 <br />4.63% <br />M.S.T.U. Fund <br />$340.30 <br />$352.23 <br />$11.93 <br />3.51% <br />Total -Unincorporated Area <br />$2,085.43 <br />$2,178.13 <br />$92.70 <br />4.45% <br />(1) Based on the average assessed value of all homestead properties in Indian River County as of lune 2024. <br />General Fund <br />The proposed General Fund budget is $145,834,204, an increase of $2,476,638 or 1.7%. Specific departmental, <br />Constitutional, and agency budget summaries are contained in the exhibits following this message (pages 21-23). <br />Major factors impacting the General Fund budget are presented below: <br />• Ad valorem tax roll increase -10.3%, $9,249,438 in additional revenue, assuming 95% collections at same <br />millage rate. <br />• Millage rate - 3.5475, no change from last fiscal year. <br />• Constitutional Officers increases - $5,305,930 or 6.3%. <br />• State Mandates/Constitutional Officers - constitute 73.0% of the total General Fund budget. <br />