BOND REFERENDUM
The Davie Town Council recently passed an ordinance which put an Open Space Bond Referendum to the vote. Davie residents were asked whether they wanted the Town of Davie to issue a $25,000,000 general obligation bond. The purpose of the bond is as follows:
• To protect the quality of water bodies
• To preserve and improve wildlife habitats and parks
• To complete the recreational trail system
• To protect natural areas from development
Town residents voted in favor of the bond issue, and a special task force was created to setup parameters relative to the bond.
TOWN MILLAGE RATE
Davie residents pay the Town of Davie two types of ad valorem taxes based on the operating millage and the debt service millage. The regular operating millage is how all municipal governments tax their residents to help run their operations. The current rate is 5.1086. Debt service millage is a self-imposed tax. Residents vote on a bond issue and agree or disagree as to whether they want to tax themselves for a specific improvement. In this case, the improvements are trails, parks, and open space areas. The current debt service millage rate is .5211
HOW MILLAGE WORKS
Once residents vote in favor of a bond, in this case for $25,000,000, the Town basically acquires the money via a loan. The Town then repays over a set period of time with interest. The Town is able to pay for the debt because it charges its residents the money needed to pay the loan (debt service). If the bond issue is passed, the Town will issue a general obligation bond that matures no later than 20 years from the date that it is issued and that will not exceed .38 mil.
A HYPOTHETICAL SCENARIO
Here’s how it works. If your home is assessed at $125,000, subtract $25,000 for homestead exemption. You may also have other exemptions, such as veterans and widower. Now your taxable value or non-exempt value is $100,000. Divide that number by 1,000, which gives you 100, then multiply it by the Town’s total 2millage rate 5.6297. You should get $562.97. This would be the total amount of ad valorem taxes that you would pay to Davie.
If the current Open Space Bond Referendum is passed, your debt service will increase by no more than .38 mil. This means that the same $125,000 home would pay no more than $600.97 or an additional $38 maximum. Remember, these figures are an example, and you may end up paying a different amount depending upon the various tax exempemtions you may have.
Renters should know that this may or may not affect them, as the property owners may or may not pass along the additional property tax through an increase in rent.
2To figure out the Town’s total millage rate of 5.6297, add the operating millage, 5.1086, to the debt service millage, which is .5211 (debt service millage equals the sum of the millage rates of the currently outstanding approved bond referendums: 1989 Open Space, 1997 Public Safety, and 1998 Parks & Recreation3).
3The current debt service millage does not include the 2003 Fire Bond Referendum, as the debt has not been issued as of yet. It is therefore not included in the chart below.
A MAIL BALLOT ELECTION
This was the first time that the Town of Davie utilized a mail-ballot election. Registered residents received ballots via the mail between September 9 and September 19, 2005. The ballot had to be properly filled out and mailed back to the Broward County Supervisor of Elections. by election day, September 29, 2005.
COMMUNITY MEETINGS
The Town of Davie held community meetings throughout the Town to educate residents about the bond measure. All residents were invited to attend.
The meetings will begin at 7 p.m. The meetings are scheduled for:
8/1/05 Town Hall (6591 Orange Drive)
8/2/05 Pine Island Multipurpose Center (3801 S. Pine Island Road)
8/4/05 Robbins Lodge (4005 Hiatus Road)
8/8/05 Shenandoah Community Center (14452 Shenandoah Parkway)
8/9/05 Ivanhoe Community Center (6101 SW 148 Avenue)
8/11/05 Potter Park PAL Multipurpose Center (4300 SW 57th Terrace)
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