In both the Original CRA and East Lake Village , the participating taxing authorities levying property taxes within these areas are required to annually deposit an amount equal to 95 % of the incremental property tax revenues they receive from properties within those corresponding areas . In the CRA Expansion Area , the participating taxing authorities are required to annually deposit an amount equal to 95 % of the incremental property tax revenues they receive from properties within the CRA Expansion Area ; however , this requirement is subject to the following major exception set forth by Section 163.387 ( 1 )( b )( 1 )( a ), Florida Statutes :
If a taxing authority imposes a millage rate that exceeds the millage rate imposed by the governing body that created the trust fund , the amount of tax increment to be contributed by the taxing authority imposing the higher millage rate shall be calculated using the millage rate imposed by the governing body that created the trust fund .
Based upon this exception , if the County ’ s millage rate is higher than the City ’ s , which it has been historically , the County shall calculate its tax increment payment for the CRA Expansion Area only by using the City ’ s millage rate instead of its own higher rate .
The Southern Grove CRA was established in 2012 and is subject to the same exception noted above . In addition , Ordinance 12-30 set the tax increment at 50 % of the difference between the current valuation of all levied properties within the Southern Grove CRA boundary compared to the base year valuation of the same properties .
The following pages will provide an overview of the individual CRAs in the City of Port St . Lucie , as well as provide an update from the current reporting year .
2021 ANNUAL REPORT COMMUNITY REDEVELOPMENT AGENCY Page 9