The City of Oakland Park approved the 2024 fiscal year budget of $142 million. It’s Oakland Park’s largest and most ambitious budget – ever. The City Commission has over $26 million earmarked for the Capital Improvement Program, a five-year project representing an investment of over $130 million.
To the (tiny) delight of property owners, the budget includes a .0188% decrease in the millage rate from 5.8550 to 5.8362 mills. Small but mighty, this is the 9th reduction in the millage rate over the last 10 years. Altogether, property owners saved $13.3 million over the last decade.
What’s a “millage rate”?
“Millage is a tax rate defined as the dollars assessed for each $1,000 of value. One mill equates to $1 in taxes for every $1,000 of taxable value,” according to the Broward County Property Appraiser’s office. Marty Kiar, the appraiser himself, is literally the “local expert” on the subject. For questions about property taxes, the BCPA is who property owners should contact.
Say a property has been assessed by the county at $100,000 and is taxed at 5.8362 mills. Then $583.62 will be the tax bill – at least part of it. It’s worth noting that the assessed value and the purchase price are sometimes very different amounts, but that’s another article.
Every August, the BCPA mails out the proposed millage rates on the annual TRIM (truth-in-millage) notice. Visit the BCPA’s website to see the TRIM notice of any property in the county by doing a simple name or address search.
You can see the proposed and adopted millage rates for each year at www.bcpa.net.
An important distinction – the BCPA determines the amount of taxes you owe. The Broward County Tax Collector, a different office, is tasked with billing property owners and receiving their tax payments.
Millage taxes are annual property taxes. The bills are mailed by the Tax Collector on November 1st each year.
Here’s a helpful breakdown shared from the BCPA: Property taxes are due by March 31 of the following year. Early payment discounts are available if paid in November (4%), December (3%), January (2%), or February (1%). Taxes become delinquent on April 1.
November is just around the corner. Most escrow accounts pay the taxes on behalf of mortgagors, but always confirm that each year with the mortgage servicer. Take advantage of Broward County’s discount and pay in a timely manner. Remember – escrow or not – you are responsible for making sure your taxes are paid.