Rising property values in Islamorada and increased insurance costs await village council members as they prepare to discuss a 2024-25 spending plan and millage rate next month.
During a July 9 meeting, council members unanimously agreed they wouldn’t set a final millage rate beyond 3.000, or $300 per $100,000 of a property’s assessed value. With budget workshops getting underway Aug. 20-22, the proposed millage rate appearing on TRIM (Truth in Millage) notices to property owners is a ceiling that council members wouldn’t exceed, said the village’s new finance director, Lisa Lynch.
A 3.000 mills rate would increase tax revenue by 18.59%. It’s due to another rise in the village’s taxable value, from $5.8 billion last year to $6.4 billion as of June 28, 2024.
Last year, the council agreed on a 2.7992 millage rate to generate a little more than $16 million in property taxes for operating expenses. The current year rolled-back rate, which wouldn’t increase taxes, is 2.5297, or $253 per $100,000 of assessed property value.
Residents who voiced their opinions during the July 9 meeting hope the village council will keep the millage rate low.
“If you have more taxable value, I don’t understand why our taxes have to be going up as well,” said village resident Joe Wischmeier. “The more money that you have to bring in, I would think it would at least keep it the same or lower our taxes.”
“I hope that you all consider taking it a little easier on the taxpayers this year,” resident Van Cadenhead told council members.
Councilman Henry Rosenthal said he’d like to take the millage rate lower than the approved 2.7992 rate last year.
“I want to go down to the bottom of the barrel,” he said.
Lynch was hired in June by Village Manager Rob Cole following the departure of Maria Bassett in April. Lynch told council members the village is facing insurance increases. Also, a three-year SAFER grant that allowed the village to hire six new firefighters is ending. Lynch said the village would need to foot $600,000 if the council wants to keep the positions.
Three budget workshops will take place Aug. 21-23 at 3 p.m. at Founders Park Community Center. Budget hearings are scheduled for Sept. 5 and Sept. 17 at 5 p.m.
