Sunday, May 19, 2024

What was the Outcome of the Property Tax Proposal in Tampa, Florida?


Are Property Taxes Rising in Tampa, Florida?

Tampa City Council Rejects Mayor’s Proposal to Increase Property Taxes

In a surprising turn of events, the Tampa City Council voted down Mayor Jane Castor’s proposal to increase property taxes by 16% during Tuesday night’s meeting. The decision, made in a 4-3 vote, means that Tampa’s current property tax rates will remain the same.

Castor’s plan, which would have been only the second time the city raised property taxes since 1989, aimed to address the growing backlog of maintenance projects around the city, as well as public safety, street and sidewalk repair, public parks, and affordable housing. The proposed increase would have added about $232 annually to the average homeowner’s tax bill.

Local residential property taxes in Tampa are calculated using a millage rate applied to the assessed “fair market value” of the property. The proposed rate of 7.2076% would have been higher than the current rate of 6.2076%, but still lower than the historic high of 8.16% in 1982.

Despite the rejection of the tax hike, many Tampa residents may still see modest increases in their property taxes due to rising home values. The Save Our Homes property tax cap limits annual increases in the taxable values of homesteaded properties to 3%.

The axed tax-hike proposal would have positioned Tampa’s property tax rates higher than those in nearby Orlando and St. Petersburg, potentially generating an additional $45 million a year in general revenue for the city.

For more insights on property taxes and other tax-related topics, readers can visit Mansion Global’s website and submit their questions to experts in the field.

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