AGENDA REPORT
DATE: July 22, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Proposed Millage Rate
EXECUTIVE SUMMARY:
By August 4, 2024, the City must notify the Hillsborough County Property Appraiser's Office of the proposed millage rate and the date, time, and meeting place of the proposed millage and tentative budget hearings. The details of the budget will be discussed at a Special City Commission meeting in August. As provided by state law, the maximum millage levy is the rolled-back rate adjusted by the effects of homestead exemption and portability of Save Our Homes, and growth in per capita Florida personal income. By simple majority the City Commission can approve a proposed millage rate up to the maximum millage rate of 5.8428. The proposed millage rate of 5.7157 requires simple majority vote of the City Commission.
On June 28, 2024, the property appraiser notified the City that the gross taxable value for 2024 would be $4,713,566,290, of which $340,487,666 is related to new construction during calendar year 2023. This new growth will generate $1,848,819 in ad valorem tax revenue for the City. Based on $100,000 taxable value, a property owner will pay the City $571.57 in property tax.
RECOMMENDATION:
That the City Commission adopt a resolution notifying the Hillsborough County Property Appraiser of the proposed millage rate of 5.7157, announcing the rolled back millage rate of 5.5282, and setting the time, date and place for the proposed millage and tentative budget hearings.
The public hearing for the proposed millage rate and tentative budget will be held September 9, 2024, at 7:30 PM, and the public hearing for the final millage rate and final budget will be held September 23, 2024, at 7:30 PM. Both public hearings will be held in the City Commission Chambers at the Nettie Berry Draughon Municipal Building (City Hall), 302 West Reynolds Street, Plant City, Florida.
FISCAL IMPACT:
The millage rate of 5.715...
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