Orlando officials signed off Monday on a spending plan about $82 million higher than last year as the city braces for a potential reckoning on local budget revenues at the ballot box this fall.<\/p>\n
Like the vast majority of Central Florida cities and counties, Orlando also kept its property tax rate flat at $6.65 per $1,000 of taxable value. But property owners will see about 6% higher bills due to home values increasing from last year.<\/p>\n
The final $1.88 billion budget comes as the public is more closely scrutinizing local spending ahead of voting on Amendment 3 in November, a potential rollback of taxes on primary homes that are the lifeblood for funding core local services but also a strain on some homeowner\u2019s pocketbooks.<\/p>\n
Orlando\u2019s city council voted unanimously in support of the budget.<\/p>\n
\u201cOur proposed investments continue to focus on maintaining and delivering core city services our residents depend on,\u201d Mayor Buddy Dyer said ahead of the vote. \u201cWe encourage residents to use the coming weeks to learn about property tax revenues and how they fund essential services and what a reduction in revenue could mean.\u201d<\/p>\n
Decision makers have said they\u2019re beginning to plan for tens of millions of dollars in lost revenue if at least 60% of voters support Amendment 3 in November.<\/p>\n
The ballot measure creates a $150,000 homestead exemption in 2027, and a $250,000 exemption in 2028, meaning a savings of thousands of dollars on property taxes on primary homes.<\/p>\n
City officials project that should it pass, they\u2019d lose roughly $30 million in 2028 when the $150,000 exemption is implemented, and $50 million each year once the $250,000 exemption is put in place. From there, the amendment calls for Florida lawmakers to work on totally abolishing property taxes on primary homes, which would be roughly an $80 million annual loss for Orlando.<\/p>\n
That money would come out of the city\u2019s $780 million general fund, making up roughly a 10% loss.<\/p>\n
Specifically, property taxes go toward a local government\u2019s general fund, or the pool of money that pays for core services like police and fire departments, operating parks and playgrounds and filling potholes.<\/p>\n
In preparation in case the amendment passes, Mayor Buddy Dyer has said the city has started a hiring freeze and plans to roll any leftover savings accumulated throughout the year into a separate fund to help smooth out the initial hit the amendment could cause.<\/p>\n
An Orlando property owner\u2019s tax bill is divvied up among several public entities, with the largest share, roughly 38 cents of every dollar, going toward public schools \u2014 which were excluded from the Amendment 3 proposal. In addition, another 35 cents funds Orlando\u2019s city services, and Orange County\u2019s government receives about 24 cents.<\/p>\n
Only a handful of Central Florida cities have increased or are considering increasing their tax rate this year ahead of the Amendment 3 vote, including Apopka in Orange County, the Lake County cities of Umatilla and Tavares, and Casselberry in Seminole County.<\/p>\n","protected":false},"excerpt":{"rendered":"Orlando officials signed off Monday on a spending plan about $82 million higher than last year as the…\n","protected":false},"author":2,"featured_media":413839,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[114,266,115,139,141,140,99,109],"class_list":["post-413838","post","type-post","status-publish","format-standard","has-post-thumbnail","category-orlando","tag-latest-headlines","tag-local-news","tag-news","tag-orlando","tag-orlando-headlines","tag-orlando-news","tag-politics","tag-social"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/413838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=413838"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/413838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/413839"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=413838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=413838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=413838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}