The Longboat Key Town Commission approved a 2012-13 fiscal year budget Monday night that’s flat compared to last year’s budget and, as expected, includes no tax increases.
Based on the town’s current millage rate of 1.8872 mills, the town will generate $8,362,000 in ad valorem revenues, or $137,000 less when compared to a year ago. One mill is equal to $1 for every $1,000 of assessed valuation.
Longboat Key commissioners are granting a one-year reprieve to residents who were bracing for tax assessments regarding the town’s upcoming beach project.
Instead of assessing Key taxpayers for a $16 million sand and structure beach project starting this year, the town intends to assess taxpayers next summer.
When the Longboat Key Town Commission approved the town’s budget on first reading and public hearing Tuesday night, it agreed to hold off on assessing beach debt millage taxes of .8 mills and .2 mills for Beach Districts A and B respectively.
For taxpayers in District A, the beach-side of the island, a $500,000 home will see a $400 savings break in this year’s taxes. For taxpayers in District B, the Gulf-side of the island, a $500,000 home will see a $100 savings.
Contact Kurt Schultheis at [email protected].