Homes in Margate {Google Maps}
Despite the mileage remaining the same, Margate homeowners with a homestead exemption can expect a three percent increase in property taxes. However, new residents will likely pay at least nine percent or more.
According to city manager Cale Curtis, housing values have increased by an average of nine percent in the city. Residents without the homestead exemption protection may face a hefty tax increase.
“Margate is a great place to live, and many of us can’t afford to move,” said Mayor Tommy Ruzzano. People who have lived here a long time have seen the value of their homes increase significantly.”
The Margate Commission convened a crucial workshop on July 9, during which they were presented with the fiscal year 2025 budget—a document that will shape the city’s financial landscape in the coming year.
According to a presentation by Decia Smith-Burke, budget manager of the finance department, the total proposed millage rate for 2025 is 7.5667, down from 7.6004 this year.
Actual property taxes paid by residents will vary based on property value. Margate’s property values are lower than most of Broward County, with the city ranked 27th out of 31 cities.
With an average home value of $188K, 32 percent goes to the city, 33 percent to Broward County Public Schools, 25 percent to Broward County, and 10 percent to other agencies, as per the budget report.
The total budget for fiscal year 2025 is projected to be $265 million, with a general fund budget of $79,260,908, the city’s primary funding source for regular operations.
About 34 percent of this budget goes to the police department, and approximately 21 percent goes to the fire department.
Some key expenses from a park bond include $1.6 million for improvements to Oriole Park and $700,000 for Centennial Park. Additionally, the stormwater fund amounts to about $1.23 million. Other allocations involve body cameras for the police department and two new traffic motorcycles. The budget report also mentions a new truck and rescue vehicle for the fire department.
The proposed budget must be submitted by August 15. Hearings will be held on Monday, September 9, at 5:00 p.m., and a final hearing on Wednesday, September 18, at 6:00 p.m. in city hall chambers.
Ruzzano thanked the staff preparing the budget and praised all city personnel for their work in running Margate.
Vice Mayor Arlene Schwartz added, “We do big city things with a small city feel. Our finance department did a great job.”
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