Page 20 - CityofLakeWorthFY26AdoptedBudget

TAX RATE

As part of the Fiscal Year 2026 budget adoption process, the City of Lake Worth has
increased its property tax rate to $0.494737 per $100 of assessed valuation, compared

to the previous year’s rate of $0.485420. This rate has been carefully evaluated in light

of both the City's service obligations and the fiscal environment shaped by state
property tax legislation.

For reference:
The calculated voter-approval tax rate for FY 2026 is $0.535249. This rate

represents the maximum rate the City may adopt without triggering a voter election
under current state law.

The no-new-revenue tax rate is $0.459002. This rate is calculated to generate the

same revenue as the previous year from existing properties, excluding new growth.
While the adopted rate remains within the voter-approval threshold, it provides the City

with the necessary flexibility to meet growing service demands, invest in critical
infrastructure, and maintain a balanced and sustainable budget.

The adopted tax rate serves three key purposes:
1.Continuity of High-Quality Services

The tax rate enables the City to continue delivering the excellent municipal

services that Lake Worth residents and businesses have come to expect. From
public safety and street maintenance to parks, libraries, and utility operations,

this funding ensures that service levels are maintained and adjusted to meet

community needs.