Page 19 - CityofLakeWorthFY26AdoptedBudget

PROPERTY VALUES, CONT.

Housing Finance Commission Development and HB 21 Impact

It is important to note that a multifamily development within the city was recently

acquired by a Housing Finance Commission. Because of the nature of this acquisition

and the potential for tax-exempt financing structures, the full taxable impact of this
property remains uncertain at this time. As a result, its value and contribution to the

city’s certified tax roll are being fully reflected in the current totals.

However, we are closely monitoring the implementation of House Bill 21 (HB 21),

which address the treatment of tax-exempt properties developed by housing finance
corporations and related entities. We are hopeful that the outcome of this legislation

will provide greater clarity and help ensure a more equitable and positive outcome for

Lake Worth’s long-term property tax base.

As we move forward, the City remains committed to staying engaged in the regulatory
process, and ensuring that all property owners contribute appropriately to the services

and infrastructure that benefit our entire community.