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Tampa adopts $876 million budget with 5 percent property tax increase

 
Published Sept. 18, 2014

TAMPA — The City Council on Wednesday night adopted an $876 million budget for the 2015 fiscal year, which begins Oct. 1.

For the eighth year, Tampa's property tax rate will remain at about $5.73 in city taxes for every $1,000 of assessed taxable property value. But because property values have risen, the same rate will generate more tax revenue. So on average, Tampa property owners will pay a city tax increase of nearly 5.2 percent. The owner of a home with a $138,000 assessment and standard exemptions will pay a city tax bill of about $504.

The budget includes a 2.5 percent raise for city employees, money to hire new police officers in advance of a wave of retirements, and increases in spending on road resurfacing and drainage projects.