Margate proposes budget highlighting financial stability and low tax burden for residents

The Margate City Commission's recent budget workshop highlighted a proposed budget aimed at enhancing the city's resilience and financial viability. City officials emphasized that the budget serves as more than just a financial document; it acts as a strategic guide for operations and communication.

For the upcoming fiscal year 2026, the total proposed millage rate is set at 7.5389, reflecting a slight reduction of 0.0278. This change is expected to generate an estimated revenue increase of 6.5%, amounting to $2.2 million in additional ad valorem revenue. However, rising property values will also lead to a $360,000 increase in payments to the County Revenue Enhancement (CRE), resulting in a net change of $1.8 million for the general fund budget.

Notably, 7% of Margate residents, over 1,600 individuals, do not pay ad valorem taxes, while approximately 30% pay less than $500 annually for city services. This positions Margate as having one of the more reasonable tax burdens in the region, with the city ranking as the second lowest in city tax amounts compared to neighboring areas.

City officials underscored that Margate's average single-family taxable value is only 56% of the county average, which they view as an opportunity for affordability. They reiterated that the city's portion of the overall tax bill constitutes just one-third, with the school board and county making up the remainder.

As the city moves forward with this budget, officials are committed to maintaining financial efficiency and ensuring that resources are allocated to initiatives that promote progress and community well-being.