How much will $100M Sportsplex cost Coral Springs residents? Here’s a breakdown
Coral Springs residents may face a property tax increase to help pay for the city’s $100 million Sportsplex development, new documents show.
Ahead of a City Commission meeting on Wednesday, June 24, officials shared budget details that provide a preview of what’s to come.
To pay down its loans for the project, the city must increase its debt service millage rate increase by 0.29 mills, or $0.29 per $1,000 in taxable property value, documents show.
For the average single-family home in Coral Springs, that looks like $104.61.
Commissioners approved a larger increase in October, but since then, city staff have brought in $1.3 million in “revenue and partnership opportunities,” according to meeting documents.
City staff say that the complex will diversify the city’s income through facility rentals for multi-sport training, practices, games, and tournaments, as well as conferences, conventions, galas and weddings.
It’s one of several taxes and fees detailed in the documents, which add up to $6.31 per $1,000 of taxable home value.
The total annual increase from all local tax changes is estimated to be $211.69, according to city documents.
Commercial properties would also see a tax increase of about 6.4 percent if the current version of the budget is passed, according to city documents.
Bills also take rates set by other local governing bodies into account, including:
- County Commission
- School board
- Hospital district
- Water management district
County officials noted that this rate applies to taxable home value, which is capped at a 2.7 percent increase this year, rather than market value, which tends to be much higher.
“If your Homestead property was assessed at $100,000 last year, and its market value increased to $125,000 this year, your maximum assessment this year is $103,000,” the Broward County Property Appraiser’s website says.
A number of countywide programs for elders, those with disabilities, veterans and other groups can further reduce the taxable value of owner-occupied homes.
Coral Springs residents and business owners with thoughts on the upcoming budget can speak with commissioners during their office hours or testify at a City Commission meeting. Get more information on the city’s website.
