LARGO — Property owners here would pay more taxes under a budget proposed for the coming year.
The projected tax revenue increase would pay for salary increases, a new police officer and other hires, and a new Largo city website, according to City Manager Mac Craig.
The total tax increase of about 5 percent would come from two sources. The bulk of the increase, about $668,500, would come from an overall 3.9 percent increase in property values.
The remainder, about $277,000, would come from an estimated 1 percent increase in the tax rate from about $5.21 per thousand dollars of assessed, taxable value to about $5.30 per thousand dollars of assessed, taxable property value. The total amount Largo expects to bring in from both is about $945,500.
That would take the personnel budget up about 2.5 percent from about $61.6 million to about $63.1 million. The operating budget would rise about 4.6 percent from about $48.7 million to about $50.9 million.
Largo's capital budget — that portion dedicated to new construction and such — would see a 46.7 percent decrease from about $16.6 million to about $8.9 million. The decrease, Craig said, is because the city has fewer capital projects.
"The capital budget can vary greatly from year to year due to the projects planned," Craig said.
Officials stressed the numbers and proposal are preliminary. The actual amounts could change by the time the Largo City Commission approves the budget in September. The fiscal year begins Oct. 1.
Contact Anne Lindberg at [email protected] or (727) 893-8450. Follow @alindbergtimes.