Broward County property tax roll rises 6.41 percent

Broward County’s property-tax base grew 6.41 percent, marking the biggest increase since the real estate crash that hamstrung local governments and forced painful budget cuts.

Broward Property Appraiser Lori Parrish said the preliminary tax roll based on real estate rose 6.91 percent, but a $190 million drop in the value of tangible personal property — fueled largely by FPL’s relocation of equipment to outside Broward — pared the gain by a half percentage point.

The last time property value increased more in Broward was during the frothy days of 2007, when it spiked 9.1 percent, Parrish said. “This is the best one since 2007.’’

The overall taxable value of property as of Jan. 1 was $139,995,322,868.

“Tangible personal property decreased as a direct result of FPL,’’ Parrish said. “FPL moved its smart meters to Tampa for a better millage rate.’’ She said FPL’s move accounted for $150 million of the $190 million decline in tangible personal property.

Among the cities with above average gains are Wilton Manors (up 9.38 percent); Hallandale Beach (up 8.33 percent); and Davie (up 7.16 percent); Cooper City (7.35 percent) and Coconut Creek (up 7.74 percent.) Those cities with below average increases in their property tax bases include Pembroke Park (up 3.58 percent); Danie Beach (up 3.19 percent) and Lauderdale Lakes (4.54 percent.)

The preliminary tax roll, which is due June 1, will be used by municipalities and other taxing authorities such as the hospital district, to set budgets for the 2014-15 year and to decide on millage rates.

However, in a rising real estate market, they are outdated for those interested in current market values. That’s because the 2014 assessments are based on arms-length property sales between Jan. 2, 2013 and Jan. 1, 2014.

In a memo to county taxing authorities, Parrish said “Residential sales from the first few months of 2014 indicate property values continue to appreciate in most parts of Broward couty. For planning purposes, you should expect to see the tax roll incrase slightly for next year.’’

For the Broward School District, the tax roll increased 6.85 percent, because it does not provide for the $25,000 second homestead exemption used in calculating other taxable values.