OLDSMAR — Property owners can expect the city's tax rate to stay the same for the seventh consecutive year, according to the proposed budget. The city has not raised the tax rate in 25 years.
Property owners would still pay $4.05 for every $1,000 of assessed, taxable value. But since property values are projected to rise 7.8 percent overall, many people will see a larger bill.
The proposed budget of $28.7 million would be a 5.7 percent decrease from fiscal year 2014, which ends Sept. 30. The extra $232,000 in property taxes will go toward the city's reserve funds, said Al Braithwaite, Oldsmar's administrative services director.
The proposed capital budget, which funds construction projects, decreased 29 percent, down to $5.6 million from $7.9 million. City Manager Bruce Haddock attributed the change to the recent completion of costly projects, such as the $20 million water plant.
Next year's budget includes potential raises of up to 2.5 percent for 128 eligible employees, most of them full-time, Braithwaite said. These figures are subject to change by September, when the City Council will vote to adopt a budget following two public hearings. That budget will go into effect Oct. 1, the first day of the fiscal year.
Contact Julie Kliegman at [email protected] or (727) 445-4159. Follow @jmkliegman.