Adopted Budget Book FY 23-24 Final with TOC links - Flipbook - Page 152
Budget-In-Brief → DeParTmenT uniTs DesCriPTions, goals, anD objeCTiVes
For the City property tax revenue is the largest tax source. Property tax is calculated based on two
components: the assessed value of the property, which is determined by the local assessor as a
percentage of the home’s market value, and the tax rate, usually expressed as what’s known as a
millage rate, which is the amount a homeowner pays per $1,000 of the property’s assessed value.
For example, an amount of $10 for every $1,000 of assessed value is expressed as 10 mills.
Rate limits are typically capping on how high the millage can go within a jurisdiction. Assessment
limits restrain the growth of the property value of individual homes (commonly measured as yearover-year increases). Levy limits restrict the amount or growth of total collections from a locality’s
property tax.
For our City that develops the budget around how much property tax revenue the City will bring
in each year, levy limits are in effect spending limits. Assessment and levy limits may be a fixed
percentage or tied to an economic indicator such as inflation or growth in new construction.
The source of the graphic presentation: Lake County Property Appraiser’s Office data - August,
2023
Figure 29:
City of Eustis 10 Years Property Taxable Value Change
1,750M
1,499,445,620
1,500M
1,347,838,047
1,223,418,659
1,250M
1,079,601,155
991,431,421
1,000M
750M
1,146,517,394
900,090,260
759,474,327
789,822,738
821,891,967
500M
250M
0
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Taxable Value
150
City of Eustis, Florida
Adopted Budget
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