Proposed homestead-exemption increase could cut Riviera Beach CRA revenues by about $900,000 next year, CFO says

Riviera Beach’s chief financial officer presented an estimate of how a proposed state-level change to the homestead exemption could affect the CRA’s tax-increment revenues. The CFO told the CRA board that the district contains 674 homesteaded properties and that the change—if adopted—would reduce TIF collections by an estimated $900,000 in the first fiscal year and by about $1.3 million in the following year.

"If the property tax referendum does pass in fiscal 2028, you will lose point, $900,000," the city CFO said while explaining the mechanics of the proposed exemption change and the timing of its phase-in. The CFO also described current exemptions covering roughly $32.76 million in assessed value across the district and the translation of those exemptions into current revenue.

Board members noted the reduction would be smaller in absolute terms than impacts faced by some larger counties but said any multi‑hundred‑thousand‑dollar reduction to CRA revenues would affect capital planning and could change the feasibility of bond financing or expanded program allocations. Commissioners asked staff to quantify trade-offs and present scenarios showing how the CRA would cover current commitments if the referendum passes.