Sunday, July 22, 2018
Business

Port Tampa Bay officials want to reduce millage rate in 2018

TAMPA — Port Tampa Bay wants to reduce the amount of Hillsborough County tax dollars it uses going forward.

Port officials said Tuesday that they plan to reduce the millage rate in fiscal year 2018 by more than 11 percent, according to a press release.

"This continues a trend and our goal is to eventually use no county taxpayer money at the port," Port Tampa Bay President and CEO Paul Anderson said in a statement. "With strong growth in our lines of business and positive financial performance combined with our ongoing reduction in the millage rate, this will allow us to gradually reduce our ad valorem to zero."

The port has reduced its millage rate by 32 percent over the past five years. The reduction planned for next year means that the owner of a home in Hillsborough County assessed at $200,00 will pay less than $20 a year, according to the port. This reduction is in conjunction with the $5.1 billion increase in Hillsborough County assessed vales for the next fiscal year. It will reduce the port's ad valorem tax receipts by an estimated $200,000.

The current fiscal year closes Sept. 30.

Port Tampa Bay's operating revenue budget for 2017 is $51 million, though the port is on pace to exceed that figure in 2018, a spokeswoman said.

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