On Thursday morning, Tampa City Council members will hold a budget workshop just hours before they could possibly vote on the first property tax increase in 29 years. Last week, Councilmembers narrowly approved (by a 4-3 vote) to increase the millage rate from $5.73 to $6.33 per $1,000 of assessed property value. That could add $105 to the average homeowner’s tax bill.
The Tampa City Council plans to hold its first public hearing tonight to discuss Mayor Bob Buckhorn’s proposed budget Wednesday night, but that hearing will likely be continued and rescheduled as the city continues to recover from the impact of Hurricane Irma.
The Tampa City Council is scheduled to vote on raising property taxes for the first time in almost three decades next week, but the size of that tax remains unknown less than a month before next year’s budget goes into effect.
The Florida Legislature’s approval of a constitutional amendment for the 2018 ballot that could severely reduce the level of revenue coming to local governments is just the latest challenge to Tampa’s fiscal health, Chief Financial Officer Sonya Little told the City Council Thursday. If passed by voters, the measure would expand the state homestead property tax exemption to $75,000. Over 4 million Floridians currently receive the current homestead exemption, which lowers the taxable value on a primary residence by $50,000. “We’re projecting a roughly $6 million…