Manatee commissioners give preliminary approval to slight tax rate cut, as property values rise
Manatee County is planning to cut its property tax rate slightly this year, during a time of high inflation and a significant rise in property values.
Booming population growth and development throughout the region have helped taxable property values in Manatee County grow by 17.3% last year, according to the Manatee County Property Appraiser's office.
The rise has will bring in millions more tax revenue for the county than had anticipated — and sharply higher tax bills for many property owners, especially those without homestead protection.
In response county commissioners discussed plans at a Thursday meeting to reduce the county's tax rate for the second year in a row, though they stopped far short of reducing the rate enough to offset the increased revenue the higher property values will generate.
In case you missed it: Budget talks turn political as Manatee seeks tax rate cut for second year in a row
Also: Tax rate changes in the works. Four things to know about the Manatee County budget
"All of our citizens, no matter where you live in Manatee County you are seeing an increase," District 5 Commissioner Vanessa Baugh said.
"In my district, some of the increases were scheduled to be almost 30%, so it's hefty," she said. "The sad part is they're still going to see an increase because of the property value going up so much, so we need to look out for our citizens with this budget and try to help them; that is our job up here."
The commissioners voted to set the county's preliminary millage rate at 6.3326, compared with the current 6.3826 which represents a .05 millage reduction from the current FY 2021-22 tax rate. One mill equals $1 for every $1,000 of taxable property value.
To fully offset the increase in property values, so that the county would collect the same amount in property tax revenue as this year , the commission would need to reduce -- or "roll back" -- the tax rate to 6.0048 mills.
The county will soon mail Truth in Millage (TRIM) notices to property owners that reflect the proposed rate, but commissioners indicated they could further reduce it before final approval of the budget at public hearings in September.
Also in Manatee: No-swim advisories issues for 3 Manatee County beaches; other county beaches not affected
Commissioner George Kruse made the motion on the tax rate citing the higher than anticipated revenue, stating that it would not change the budget proposed by County Administrator Scott Hopes in June.
Commissioners also asked Hopes and his staff to research the effect additional tax rate cuts would have on the county budget and present their findings at future meetings for consideration.
"We have not cut 1 minute off of a library hour, we have not cut one person, or one dollar off salary," Kruse said. "That is free money. That is money just simply because inflation increased everyone else's values, and we're not taking their money just because of inflation."
This article originally appeared on Sarasota Herald-Tribune: Manatee plans rate cut but millions more in tax revenue expected
