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What Cooper City residents pay: millage, homestead exemption and an example calculation
Summary
Finance staff explained that Cooper City retains about 30% of a homeowner's property tax bill; the city's proposed millage is 5.845%, and a $50,000 homestead exemption reduces a home's taxable value.
City staff explained how the property-tax millage is applied to assessed value and how that amount is distributed among taxing authorities. A staff presenter said Cooper City retains roughly 30% of a typical property tax bill in Broward County, with about one-third going to the school board, roughly 29% to Broward County and about 8% to special districts. The presenter noted, "the millage rate in the city of Cooper City right now is 5.845%."
He gave a worked example: on a $500,000 assessed value, divide by 1,000 (500) and multiply by the city millage to calculate the city portion; the presenter estimated the city portion would be about $2,922. City staff also emphasized the $50,000 homestead exemption that is deducted from assessed value to arrive at net assessed value and said the city will provide links to the property appraiser's resources for residents who need guidance about homestead exemptions and portability.
