Commission sets 2.1763 maximum millage rate

Longboat Key taxpayers will likely see a tax increase to cover the town’s operating expenses starting Oct. 1, but the exact amount is unknown.

What taxpayers do know is the Longboat Key Town Commission won’t raise their millage rate any higher than 2.1763 mills.

That’s the maximum millage cap the commission approved 7-0 at its regular meeting Monday night at Town Hall for fiscal year 2015.

That rate is 4.8% higher than the town’s current millage rate of 2.0760 mills. The higher millage rate would bring the town’s general fund balance up to Town Manager Dave Bullock’s recommended 90 days of operating costs for the town in the event of a storm without additional financial help.

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

For a non-homestead property owner with a $1.3 million Gulf-front home, the operating millage rate increase would result in a tax bill that’s approximately $196.45 a year higher than it would be at the current rate (see sidebar).

The cap for tax increases on homestead properties is 1.5% statewide this year.

Town Manager Dave Bullock recommended the maximum millage rate, which he said includes a small buffer as the town works to solidify interest rates and price points for certain projects in the coming fiscal year.

This year, taxpayers will also see a beach assessment tax for a $16 million project that voters approved through a referendum in March 2011.

The commission will finalize the millage rate in 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 the operational millage rate in September.

Click here to view Total Taxpayer Impact for Single-Family Homestead Properties.

Contact Kurt Schultheis at [email protected]