Fort Lauderdale — Property Taxes for Streetcar
Property taxes will be levied on downtown land owners in Ft. Lauderdale starting this fall to support the planned "Wave" modern streetcar line, the Sun-Sentinel reports. The 2.7-mile line will cost more than $142 million to build. Property owners will pay one-seventh of the cost.
Over 5,800 homes and rental housing units will see their taxes increase by as much as $99 annually, based on a set of rates determined by Government Services Group, Inc.
Non-residential property will be charged 9 cents a square foot — $180 a year for a 2,000-square-foot office. Vacant land will be assessed at 3 cents a square foot.
Property owners will start paying this fall, before construction even begins, and will continue paying for 25 years by special assessments added to property tax bills.
Property owners will cover $20.6 million of the $142.6 million cost of the 2.7-mile system.
Studies also show there is a "zone of benefit" within a half-mile of each streetcar station, and that was used to determine the assessment zone, according to Government Services Group.