FY 2023 ADOPTED BUDGET AS OF 9-22-22 - Flipbook - Page 117
Budget-In-Brief → Adjacent Cities Municipal Report
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,
2022
Figure 25:
City of Eustis 10 Years Property Taxable Value Change
1,500M
1,347,228,504
1,224,522,225
1,250M
1,146,517,394
1,081,086,069
991,431,421
1,000M
750M
731,877,188 758,881,269
789,442,770
827,179,133
900,090,260
500M
250M
0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Taxable Value
City of Eustis, Florida
Adopted Annual Budget
115