The Longboat Key Town Commission will approve the town's 2013-14 fiscal year budget and millage rate at a special meeting and public hearing at 5:01 p.m. tonight at Longboat Key Town Hall.
The commission agreed earlier this month to raise the town’s millage rate 10%, up from 1.8872 mills to 2.0760 mills.
One mill is equal to $1 for every 1,0000 of assessed valuation. For a Longboat Key taxpayer with a $500,000 home, the increase amounts to $94.20.
It will be the first time the commission raises the property tax rate since September 2010, when the commission raised the tax rate from 1.5 mills to 1.8872 mills.
Commissioners agreed to raise the rate after Town Manager Dave Bullock explained that rising pension costs call for an increase either this year or the following year.
The budget covers all town expenditures for the year and also generates an additional $210,000 for the town’s General Fund.
The new fiscal year begins Oct. 1.
Contact Robin Hartill at [email protected].