Margate will lose substantial revenue if property taxes are reduced.
During the January 21 meeting, Broward County Property Appraiser Marty Kiar gave a presentation to the commission, showing the projected loss if the city’s voters approve a property tax cut.
Legislators are considering an amendment to the state constitution to exempt homesteaded property from all ad valorem taxation other than school district levies. It would prohibit counties and municipalities from reducing overall law enforcement funding. There are now 15,316 homesteaded properties in Margate that pay $40,078,468 in total taxes. If this amendment is approved, the property owners would save an average of $1,910, but the city would lose $14,554,531, a 36.3 percent decrease, according to Kiar…