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Port Richey approves slightly higher property tax rate

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.

Port Richey approves slightly higher property tax rate 09/10/13 [Last modified: Tuesday, September 10, 2013 4:32pm]
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