Property owners on Longboat Key will be assessed between $518 and $98,000 over the next 30 years to pay for the $23.8 million neighborhood undergrounding project under a current method island leaders will consider next week.
Today, town commissioners forwarded the resolution to Monday’s special workshop with a 4-2 vote. Commissioners Ed Zunz and Phill Younger dissented, while Commissioner Jack Daly was absent while recovering from surgery.
“The next month or so is when you'll have opportunities to further discuss and get public input (on the methodology),” said Town Manager Dave Bullock.
Excluding marina slips and exempt properties, such as municipal and church parcels, Key property owners will pay an average of $2,400 in new non-ad valorum taxes starting next year if approved. Most owners will pay about $1,294, according to analysis of the median of properties.
But these figures are all based on a 6% interest rate consultants have estimated for the $23.8 million bond, which is subject to change depending on market conditions.
The town’s new turtle ordinance is also on the agenda for the special workshop.