The property tax rate is dipping slightly in Coconut Creek, but the amount of tax the city is collecting will increase, according to the final rate adopted this week.
With new construction and increasing property values in the city, Coconut Creek will collect about $1.9 million more in taxes, which is about a 10.7 percent increase over what will be collected this year.
Coconut Creek’s overall property value has not reached the level it did before many homeowners found their property values were less than their mortgages. This latest valuation shows that the city’s property is now worth 27 percent more than in 2011, according to records at the Broward County Property Appraiser’s Office.
“Adopting [this tax rate] is necessary to sustain current service levels, continue investment in capital projects and promote economic development,” said Karen Brooks, the city’s director of finance and administration.
For the owner of a Coconut Creek home assessed at $175,000 with a $50,000 exemption, the property tax bill will be $772.
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