Annual Budgets
Each year the Town Council must set a mill rate for the collection of property taxes and adopt a balanced budget according to the Truth in Millage (TRIM) process. Property taxes are referred to as Ad Valorem taxes, which is a term that means "according to value" in Latin. The word "mill" is also derived from Latin, specifically the word millesimum meaning thousandth. A mill rate sets the tax paid per dollar of assessed property value. One mill is 1 tenth of a cent ($0.001) or $1 per $1,000 of assessed value. A formula to calculate one's Ad Valorem taxes with a mill rate is to divide the assessed property value, as determined by the Indian River County Property Appraiser, by 1,000 and then multiply that figure by the mill rate. Alternatively, the mill rate can be divided by 1,000 first, before it is used to multiply the full amount of assessed property value.
The TRIM process starts early in Orchid, due to the season nature of its community. A budget workshop takes place in May, at the end of "season", when there are still many unknown factors that may influence the final budget for the upcoming fiscal year. For instance, at that time of year the Town is yet to receive the estimated assessed value of the real estate in the Town, as well as the Department of Revenue's estimates regarding state revenues. In September, the Town Council meets twice for the budget - once for determination of the tentative mill rate and budget, and then again a week later to adopt the final mill rate and budget. The fiscal year to which that budget will apply starts October 1 thereafter.
The Town Council may adopt budget amendments throughout the fiscal year, but usually only attends to a final budget amendment (if needed) after the end of the fiscal year.
Please use the buttons below to navigate to budget information for specific fiscal years, including the current year.
