AGENDA REPORT
DATE: July 28, 2025
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Proposed Millage Rate
EXECUTIVE SUMMARY:
By August 4, 2025, 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 Proposed Budget for Fiscal Year 2025-26 is balanced using the same millage rate in effect for the current year. The details of the budget will be discussed at a Special City Commission meeting on August 25, 2025. 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 5.8769. The proposed millage rate of 5.7157 requires 2/3 majority vote of the City Commission.
On June 27, 2025, the property appraiser notified the City that the gross taxable value for 2025 would be $5,197,347,883, of which $276,863,083 is related to new construction during calendar year 2024. This new growth will generate $1,503,343 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 5.4928, 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 8, 2025, at 6:00 PM, and the public hearing for the final millage rate and final budget will be held September 22, 2025, at 6:00 PM. Both public hearings will be held in the City Commission Chambers at the Nettie Berry Draug...
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