TAMPA, Fla. — Tampa homeowners could have to pay almost $20 more every month on their property taxes if Mayor Jane Castor's $1.9 billion budget for fiscal year 2024 is approved.
The proposed millage increase would generate about $45 million to help "address long-deferred maintenance costs, more public safety personnel, updated equipment to keep up with population growth, and more," according to the mayor's office.
Currently, homeowners in Tampa have a 6.21 millage rate. This proposed rate hike would raise the millage 1.0 to 7.21. What does that mean?
According to the Florida Department of Revenue, millage is a tax rate "defined as the dollars assess for each $1,000 of value; one mill is one dollar per $1,000 of assessed value."
Currently in Tampa, this means for every $1,000, $6.21 is taken out for taxes. If the new rate is approved, it would be about $7.21 for every $1,000 of assessed value.
In total, the city says the new rate hike would cost homeowners an additional $19.29 every month, for a total of about $231.50 more each year. This is all based on the average assessed home value of $281,495. This total is reduced by the $50,000 homestead exemption, meaning only about $231,495 is actually taxable.
If the new 7.21 millage rate is approved, it'll be the highest rate in Tampa since the early 1980s, according to city data. In fact, the last time the millage rate was above 6.2 was in 1983. The highest rate dates back to 1982, when it was 8.16, city data shows.
"The public is demanding that we start tackling these challenges head-on, that we invest in our infrastructure and increase service levels. Today. Not tomorrow. Not in the next Administration or under the next City Council, but now. And we’re listening," Castor said to Tampa City Council members as she presented the proposed $1.92 billion budget.
