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Drop in Margate’s taxable value not as bad as neighboring cities
• Lower values pose detriment to balancing city budget
Sunday,
July 4, 2010
Although Margate’s almost 19 percent drop in taxable land value in 2010 is tied with Tamarac for Broward County’s fifth steepest decline for fiscal year 2009 - 2010, it’s better than the almost 22 percent average drop in taxable land value for North Lauderdale, Lauderhill and Lauderdale Lakes.
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Of the 31 cities listed on the Broward County Tax Appraiser’s Taxable Value Report effective July 1, 2010, Margate ranks sixth from the bottom in the amount of new construction, additions and rehabilitative improvements citywide, which works against city officials tasked this year with closing the gap on Margate’s $4.5 million budget deficit.
Total taxable real property for operating purposes in Margate amounts to almost $2 billion, a half billion dollar drop in taxable land values for the city 2009 – 2010.
More tax details under “Files” to the right →
Single family homes in the city have a market value of roughly $1.5 billion vs. Margate condominiums valued at roughly $265 million.
The market value of vacant residences in the city amount to roughly $7 million and the market value of vacant commercial space is about $32 million.
Property value exemptions in Margate, the lion’s share of which are for homestead ($700 million) and government ($113 million), add up to more than $800 million, representing a lost taxing opportunity for city government.
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