Monday, April 28, 2008

Calculation of the TRIM Rolled-Back Rate As Explained by the State

Recently the City of Lauderhill received the following e-mail to help all of us understand how to calculate the TRIM Rolled-Back Rate that is used to determine how to deterimine increases/decreases in your tax rate. This is that e-mail:

"We have received several questions concerning the calculation of the TRIM rolled-back rate in light of the millage levy limitation statutes passed last year. The rolled-back rate for Truth in Millage (TRIM) is different than the maximum millage rate under the new statutes.

The maximum millage rate that can be levied by a majority vote is calculated pursuant to s. 200.185(5), F.S. As stated in paragraph (a), the maximum millage rate is the TRIM rolled-back rate determined pursuant to s. 200.065, F.S., adjusted by the growth in per-capita Florida personal income. The growth rate in per-capita Florida personal income to be used for 2008 is 4.15%. Therefore, the maximum millage rate that your taxing authority can levy by majority vote is 4.15% higher than the TRIM rolled-back rate.

Please note that the adjustment for growth in per-capita Florida personal income is only for purposes of determining the maximum millage levy. The adjustment does not impact the calculation of the rolled-back rate for TRIM purposes. The TRIM rolled-back rate is the relevant millage rate to use for purposes of the Notice of Proposed Taxes and for determining the form of the newspaper advertisement for your final hearing.

If you have any questions or need additional information, please email our TRIM section at TRIM@dor.state.fl.us. " (emphasis was as sent in the e-mail).

I hope that all of you now understand the explanation. If not, they provide a way to ask questions.

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