ANNA MARIA – Mayor Dan Murphy proposes maintaining the longstanding 2.05 millage rate for the 2019-2020 fiscal year that begins Oct. 1.
When discussing the budget with city commissioners on July 25, Murphy noted Anna Maria has consistently had the lowest millage rate of the three Island cities.
If the millage rate is adopted as proposed, property owners will pay $2.05 for every $1,000 of their property’s assessed value after applying any homestead exemptions and/or other tax exemptions.
Due to increased property values, maintaining the current millage rate will result in ad valorem property tax increases for many property owners, but Homestead exemptions applied to permanent full-time residences limit to 3% (or the annual change in the Consumer Price Index) the annual increase that can be applied to a Homesteaded property’s assessed taxable value.
The city anticipates collecting approximately $2.46 million in ad valorem taxes in the 2019-2020 fiscal year that begins Oct. 1. City Treasurer LeAnne Addy said maintaining the current millage rate would provide the city with approximately $214,000 in additional ad valorem tax revenues compared to the current fiscal year.
The city also anticipates collecting $300,503 in vacation rental licensing fees in the coming fiscal year.
The 2019-20 budget remains a work in progress and is scheduled for discussion again at commission’s Thursday, Aug. 8, budget meeting that begins at 6 p.m.
Anna Maria’s 2019-2020 fiscal year budget will be presented for final adoption during two public hearings in September.