BAY COUNTY, Fla. (WMBB) — The budget for Bay District Schools was tentatively adopted and the millage rate will decrease.

Even though the property tax rate will decrease Bay District expects to receive about $72 million dollars more than last year.

Board members lowered the millage rate, the new rate is tentatively set for 5.504. Last year’s rate was 5.847. Bay District Schools’ CFO Jim Loyed explained the process.

“Well what happens is the state actually sets that required local effort which is less and they’re able to lower that rate because of the increase in property values,” CFO Loyed said. “And so the property value has increased enough that you could lower the rate and generate more money.”

The millage rate is $1 for every $1,000 of the taxable value of your property.

“I just think it’s fortunate that our tax roll or our value of all our property in Bay County is going up enough to where we can lower the rates so if your value hasn’t gone up or if you don’t have a new home then your payment will go down, your taxes will actually be lower,” Loyed said.

Along with the millage rate, the budget was broken down for the public at Tuesday’s meeting. Last year’s budget was approximately $536 million. The new budget is set at just over $608 million.

However, the millage rate and tentative budget could change in the coming weeks.
“We’ll have to update staffings, we’ve done projections, you know it’s a $600 million budget so you got some adjustment room in there but hopefully it’s not a material change,” Loyed said.

Board members will hold another budget workshop August 23rd, with the final public hearing and budget adoption on September 8th.