TRIM notices for the Village are based on a millage rate of 2.8. Not only does this reflect a significant increase in the tax rate, but the taxable value of properties within the Village also increased by over $491 million since last year.  At the budget workshops, the Council seemed to be aiming for a millage rate that would result in a nearly 10% increase in revenue over the current year.

On the November 2026 ballot, Florida voters will decide whether to increase homestead exemptions to exempt $150,000 of taxable value in Fiscal Year 2027 and $250,000 in Fiscal Year 2028, in an effort to help property owners who live here..

Budget Reduction Exercise Requirement

This year HB 1329 was passed by the Legislature and signed by the governor.  It forces local governments to conduct a budget reduction exercise, starting in 2027, identifying strategies that could reduce the new fiscal year’s budget by 10% compared to the current budget. The effort cannot compromise essential public services such as law enforcement, fire services, or legal obligations.

This year the Village seemed hard pressed to limit a budget increase to JUST a 10% increase. A 10% budget reduction exercise could be a real challenge here.

Final Islamorada Budget Hearings: Sep 10 and Sep 17 at 5:30 PM.

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