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Politics

Oldsmar decreases tax rate by 11 percent

The tentative rate could drop lower, the city manager says, as the budget process continues to unfold.The tentative tax rate could drop lower, the city manager says, as the budget process continues to unfold.

By TERRI BRYCE REEVES
Published July 19, 2007

OLDSMAR - City property owners will see their property tax rate drop at least 11 percent next year, City Manager Bruce Haddock told City Council members Tuesday night.

The reduction, forced by a legislative mandate on all local governments to reduce property taxes, means the city's rate will drop from $4.60 per $1,000 in assessed value to a little more than $4.07 per $1,000.

"It could be lowered more as we go through the budget process," he said.

In Oldsmar's case, the city is required to collect roughly 7 percent fewer dollars from property taxes than it did in 2006-07.

The city's new millage rate means owners of a $150,000 home with a $25,000 homestead exemption will pay $509 in city taxes in 2008. This year, owners of the same valued home paid $575 in city taxes.

The information will be sent to the Pinellas County Property Appraiser's Office for the Truth in Millage, or TRIM, notice, to be mailed to property owners on Aug. 20.

The city maintained a millage rate of 4.75 mills from 1988 to 1997. In 1998, it decreased to 4.65, where it remained through 2005.

In 2006, the millage rate was 4.6.

Marnie Burns, assistant city manager, said the city anticipates being able to maintain the same staffing levels next year. Property taxes make up about 38 percent of the city's operating fund, she said.

If you go

Budget talks

A budget workshop will be held July 31 at 3 p.m. at Oldsmar Fire Station No. 54, 225 Pine Ave. N.

Budget hearings will be held Sept. 5 and Sept. 19 at 7 p.m. in Oldsmar Council Chambers, 100 State St. W.

[Last modified July 19, 2007, 06:47:17]