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Comprehensive Plan Capital Improvements Element Local Sources Local sources consist of revenue sources that - are levied, collected and disbursed at the Figure 6 . 1 : Ad Valorem Tax Revenue local level solely at the discretion of Indian River County. These ces hlocal own in able 1 , andaredescribed a ibedin $�o,000 sss esz 2876 S o p4 6 4 79 further detail below. $60,000 $52 ,308 $49,045 • Ad Valorem Taxes (Property $50,000 - Taxes) $40,000 - - $30,000 - - Ad Valorem taxes are taxes levied on the I $20,000 - assessed value (net of any exemptions) of real or personal property. This tax is $10,000 - - - commonly referred to as "property tax. " Ad $o valorem taxes are generally assessed in mills; 1 2000 2001 2002 2003 2004 2005 that is, thousandths of a dollar of assessed value. The state mandated millage cap is 10 i_ ® Revenue (in thousands) J mills per local government, excluding voted Source: Indian River County Finance Department millages. In FY 20034_/045 , Indian River ir - - - - County applied an aggregate millage rate of Figure 6. 2: Enterprise Fund Reserve 6:.53366 . 0885 . The Board of County Commissioners' policies allow revenue from ''i $60,000 --- ----- ad valorem taxes to be used for both $SO z38 operating and capital project expenditures. $50, 000 - - $40,447 Table 6 . 1 shows that, in FY 20034/045 $40,000 - ss4w s347s7 $36P943 - 63,,72, Indian River County collected approximately $30,000 - $704. 1 -3479 , 000 in ad valorem taxes. Ad i valorem taxes represented 34 . 8229 .25 % of $20,000 - all revenues collected by Indian River — County in FY 2003 $10, 0004/045 . -- Figure 6 . 1 displays the ad valorem tax $o revenue collected 2000 tool 2002 2003 2004 zoos b Indian R' � y River County over the last six fiscal years . Over that time period , ad valorem tax revenue increased ® Revenue (in thousands) 55 . 4551 ,25%. Source: Indian River County Finance Department Community Development Department Indian River County 3