Submitted By: Tammi Haslam
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Presentation By: Tammi Haslam
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Department: Budget
STAFF RECOMMENDATION (Motion Ready):
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Adopt the Fiscal Year 2024-25 tentative millage rates: Basic City - 6.6177; District A - 1.7185; District B - 1.6332; District C - 1.4699
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
Tentative Millage Rates
As required by the State of Florida Department of Revenue, the City must provide its tentative millage rates, rolled-back rates, and the date, time, and place of its budget public hearings to the Marion County Property Appraiser no later than August 4, 2024. To do so, we request that City Council agree on tentative millage rates at the July 16, 2024, meeting. Once the tentative millage rates are set, the tax rates can be held constant or reduced. They cannot be increased.
The tentative millage rate is used to calculate taxes based on the assessed value of real property. One mill of tax is equal to $1 for each $1,000 of property value. The level of increase is calculated using the rolled-back rate as the base. The rolled-back rate is the millage rate that will provide the same property tax levy as was levied during the previous fiscal year, except for levies on new construction, additions to structures, deletions, and property added due to geographic boundary changes.
FINDINGS AND CONCLUSIONS:
When setting the tentative millage rates, Council should consider:
1. The rolled-back rate is the amount of millage necessary to raise the same amount of Ad Valorem tax revenue as the previous year, excluding taxes from new construction, and may be adopted by a majority vote of City Council.
2. The adjusted rolled-back rate which includes the change in per capita Florida personal income (1.0569 for Fiscal Year 2024) may be adopted by a majority vote of the City Council.
3. The maximum millage rate allowed with a two-thirds vote of City Council is computed at a ...
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