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Now browsing: Hometown News > News > Indian River County

Vero Beach tax rate to remain the same or lower
Rating: 3 / 5 (31 votes)  
Posted: 2013 Jul 26 - 06:44

Final votes on tax rate and budget coming in September

By Jessica Tuggle


VERO BEACH -- Whether property owners will pay more or less on next year's tax bill is still up in the air.

Earlier this month, the Vero Beach City Council approved a tentative tax rate of approximately $2.03 per $1,000 of taxable property value for the 2013-14 year, which is the same rate that was used for this year, but because property values are being estimated to be slightly higher next year, some residents could see a higher tax bill.

The actual value of the rate is $2.0336 per $1,000 of taxable value.

Some council members said they would support a lower "rollback rate," of about $2.01 per $1,000 of taxable value in a final vote to be held in September.

A rollback rate is a rate determined to bring in the same amount of revenue as the previous year.

According to a report from the county property appraiser, the city should see an uptick in property values of about 1.7 percent, so the current approved rate of $2.03 per $1,000 of taxable value would actually bring in slightly more revenue than last year.

Using the tentatively approved rate, a homeowner with a house with a taxable value of $150,000 would pay $305.40 to the city in taxes, whereas the same homeowner would pay $302.13 at the lower rate.

Councilmen Jay Kramer and Dick Winger expressed concern that the tax rate would stay the same, but the services provided by the city would be decreased.

For more information about Vero Beach departmental budgets, visit www.covb.org.

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