Commission sets 1.8872 maximum millage rate

Longboat Key taxpayers won’t see a millage increase for the town’s operating expenses. That’s because the Longboat Key Town Commission voted unanimously at its Monday, July 2 regular meeting on a maximum millage identical to the current rate of 1.8872 mills for the 2012-13 fiscal year.

But, taxpayers are still likely to get a new tax if plans for north-end erosion control structures move forward, as town officials hope, with construction possibly beginning in late spring 2013.

The commission voted on a maximum millage rate of .8000 for Erosion Control District A and .2000 for Erosion Control District B.

One mill equals $1 for every $1,000 of assessed property valuation.

Voters approved the taxes in March 2011 via a referendum allowing for the issuance of a $16 million bond with District A voters footing 80% of the bill and District B voters paying the remaining 20%,
District A includes all residential properties west of Gulf of Mexico Drive (i.e., the Gulf side) and all commercial properties on the island, while District B consists of all other Key properties.

The millage rate won’t be finalized until September, following two readings and public hearings. The rate authorized by the commission Monday is the highest amount that can be approved. The commission could authorize a lower rate for both the operational millage and the erosion-control millages.

Town budget analyst/risk specialist Sandi Henley said that the erosion-control millage rate is likely to change as more information becomes available about the project and its timing.

“We’re erring on the high side,” she said.

Henley also told the commission that the rolled back millage rate (the rate at which the town could generate the same amount of revenue as it took in during the previous fiscal year) was 1.9187.

The commission could have levied a millage rate of up to 2.4644 mills for the town’s operations.

PROPERTY VALUES
Longboat Key properties, certified last week by the Manatee and Sarasota County property appraisers, declined in value.

Key properties in Sarasota County fell by 1.19% from last year’s values, an amount slightly less than the June estimate of 1.4%. In Manatee County, Key properties fell by 1.72%, compared with June’s estimate of a 1.95% drop.

Combined, Key-wide property values fell by 1.33% — or 0.21% less than the 1.55% estimated in June.