The town’s tax rate will rise 25.8% next month when the fiscal year 2010-11 budget begins Oct. 1.
All but one of the seven members of the Longboat Key Town Commission recommended and passed on second reading a millage rate of 1.8872 mills, up 25.8% from the town’s current 1.5 millage rate, Monday, Sept. 27, at the commission’s budget adoption meeting.
One mill is equal to $1 for every $1,000 of assessed valuation.
Total operating expenses in the new budget total $14,244,733, up $1,125,720, or 8.58% higher from the current budget that expires at the end of the month.
The new budget, including capital spending, totals $14,723,263, up $647,000, or 4.6%, from the current fiscal year.
The recommended budget was prepared based on a 9.3% island-wide reduction in property values.
Mayor George Spoll, Vice Mayor Jim Brown, and Commissioners David Brenner, Lynn Larson, Hal Lenobel and Phillip Younger approved the 1.8872 millage rate and recommended budget on second reading.
Commissioner Robert Siekmann was the lone dissenting vote on both the millage rate and the budget votes.
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