BRADENTON – As property values continue to rise, Manatee County Commissioners have proposed a new spending plan for Fiscal Year 2023, that includes another millage rate reduction.
A reduction of .20 mills would put the new millage rate at 6.3326. A mill equals one-thousandth (1/1000) of a dollar. This change means the county will collect about $10.5 million less in taxes than if it had kept the same rate.
For homeowners, savings could range from $50 per year for a home with an assessed value of $250,000 to $100 for a home assessed at $500,000. It would represent a $65 per year savings for an average household assessed value of $325,000.
In addition to that .2 mill decrease, commissioners unanimously supported a motion to instruct county administration and staff to research opportunities to cut the millage rate even further–with additional .10, .20, and .30 mill decreases possible.
"We will be prepared–well before September 7–to provide you those scenarios," said Manatee County Administrator Scott Hopes. "We have put a substantial amount of money in this budget as an inflation hedge anticipating costs–both labor and materials.“
Property owners will see the new reduced rate in their new trim notices.