Saying it was imperative to build up it’s reserves largely in part of an aging $2 billion worth of assets, the majority of Collier County Commissioner voted Thursday night for what will amount to be a slight increase in taxes owed to the county.
The increase is fueled by an overall increase in property values in Collier County.
At Thursday night’s final budget hearing, the millage rate was set at 3.24, the same rate that is for this fiscal year.
A millage rate of 3.24 means a property owner must pay $3.24 in taxes for every $1,000 in the taxable value of their property.
An increase of property values means more taxes are due. With the millage rate set at the same rate – millage neutral -- the average homeowner will pay roughly $50 more in taxes, commission chair Burt Saunders said.
The measure to stay millage neutral provided a bulk of the additional funds are place in a reserve funds was proposed by Commission Bill McDaniel.
Rick LoCastro jumped on board as did Saunders.
“I'd be happy to second that motion. I'm supporting that motion. I want to make one other comment on millage neutral, and that’s because we are increasing taxes," Saunders said. "There's no question about that. Some people will see a 3% increase in their taxes from Collier County.”
Setting the millage rate and approving a budget are critical functions for local governments.
Property taxes in Florida fuel local governments, generating some $55 billion last year for counties, school districts, municipalities and special districts.
The fiscal year begins in October. Collier’s budget for the year will be more than $535 million, that’s 5.4% higher than last year.
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