We have created a proposed municipal tax calculator for you to preview what the tax impact would be to you, if we were to become a municipality. The calculator asks for you to input current 2022 Tax Values and ITID Assessment values and it does the rest of the work for you.
To get the information, it can be found at the Palm Beach County Property Appraiser’s site by entering your last name or address, for your convenience click the link https://www.pbcgov.org/papa/
Instructions for how to find the data needed is set out below with screenshots and the tax calculator can be found below that.
First, find your Taxable Value of your property, as shown below and write this number down.
Second, find your ITID non-ad valorem assessment and R3 values by clicking the “Property Tax Detail” link on the screen as shown below:
You will need to write both the Indian Trail Assessment and the R3 assessment values down.
Now that you have the required information, you can enter the data in the fields below as prompted on the form.
Below is an explanation of the calculation used for your proposed taxes and ITID assessment if we were to become a municipality.
- The Taxable Value is the amount that is used to calculate ad valorem assessments by Counties and municipalities. The proposed millage rate for the Town of Loxahatchee is 3 mills. If you multiply the 2022 Taxable Value by .003, you will get what the municipal taxes will be ie. $199,246 x .003 = $597.74
- It is proposed that Indian Trail Improvement District will reduce their services to primarily drainage. There will be an interlocal agreement between the ITID Board and the future council of the municipality, outlining the turnover of responsibilities and assets thereby reducing the budget requirements to run ITID to 1/3 of the current budget. We project that this will reduce the tax assessment needed for ITID to 33.33% of the current assessment plus the R3 Bond debt. Therefore if you multiply your current ITID assessment by 33.33%, this will give you the new ITID assessment, not including the Bond. It is projected that the R3 Bond amount will remain the same for the time being. ie. $1238 x .3333 (or 33.33%) = $412.63 plus the R3 Bond amount, $91.00 = $503.63 is what will be paid to ITID.
- Now if you add the calculated amount from #1 to #2, you will get what the proposed taxes will be, if incorporated to the municipality and to ITID. ie. $597.74 + $503.63 = $1101.37
- If you take the total from #3 and subtracted what you currently pay to ITID including the R3 Bond, you will get the Tax Impact amount. If it is a positive number, this is the amount your taxes are projected will increase. If it is a negative number, this is the amount your taxes are projected to decrease ie. $1101.37 – $1238.28 = $-136.91. Therefore, this resident’s taxes will decrease by $136.91 with incorporation.