PORT RICHEY — City residents will likely see a slight uptick in the property tax rate this year.
On Monday the Port Richey City Council, citing a down economy that is putting the pinch on residents, voted to set the millage rate for the 2013-14 fiscal year at the adjusted rollback rate of 5.4348, which the board reduced from the tentative rate it set in July of 6.4348. The current rate is 5.3202.
A mill represents $1 in tax for every $1,000 worth of a property's assessed value. So on a property valued at $100,000, an owner would pay $543 in city taxes next year.
The rate will need approval at a second reading later this month. Council member Steve O'Neill was the lone vote in opposition Monday, citing concerns over a 1.7 percent dip in property values in the city.
He argued the council should be looking at building reserves and funding for city needs through a slightly higher tax rate, which would only amount to a small amount for residents spread over the entire year.
"I just don't think it serves the best interest of the city," he said.