Boca Raton Property Tax Rate to Remain Stable in 2024-25 Despite Spending Increase

Boca Raton, Fla. City Hall. (Photo: Boca Daily News)

The growth of Boca Raton’s ratable base will fund increased spending in the next fiscal year, city officials said during a hearing on the introduction of the municipal spending plan for 2024-25, resulting in a stable property tax rate for the coming year.

The annual operating budget was introduced during a short public hearing last week; no residents spoke during a public comment period. The city’s budget will total $244,591,700, up from $222,687,000 last year, however the millage rate – calculated per $1,000 in assessed property valuation – will remain nearly identical to the previous year, at 3.6782. Last year’s rate was 3.6783.

Despite the increase in spending, primarily driven by labor costs and the addition of new personnel to handle the planning of growth and connectivity, the tax rate has remained stable due to increases in the city’s ratable base, which now tops $37.6 billion.

“The millage rate has been pretty steady since 2015, while the values have been increasing throughout the years,” said Sharon McGuire, director of the city’s Office of Management and Budget.

A resident with a home appraised at $450,000 will pay $1,655.10 in property taxes this year. The fire assessment will remain $155 for residential properties. The municipal taxes represent about 21.9 percent of one’s total property tax bill, with the largest portion – 37.47 percent – funding the Palm Beach County school district.

According to budget documents, the city will add $10,712,000 in costs this year, primarily driven by increases in police and fire salaries, benefits and pensions. McGuire said $10,352,100 of that increase will be funded through additions to the city’s ratable base over the past year, allowing for the millage rate to remain virtually identical to last year.

The city will add 10 new full time administrative positions this year, including a public records specialist, purchasing technician, park ranger, a homeless liaison to the police department, an environmental officer and a human resources systems coordinator. Also budgeted is the city’s new Traffic Mobility and Connectivity Division, which will include additional new personnel at a total cost of $927,000 to establish.

The final budget hearing is scheduled for Sept. 23, 2024 at 6 p.m. at the 6500 Building. The new millage rates are slated to go into effect Oct. 1, 2024 and run through Sept. 30, 2025.