BAY COUNTY, Fla. (WMBB) — Millage rates are changing across the county this week and while some are in place, others have just been proposed.
Both city and county commissioners discussing new millage rate caps, based off of the numbers from the county’s property appraiser after Hurricane Michael.
“The county taxable value is down 2.26,” said Bay County Property Appraiser Dan Sowell.
Millage rate is the rate used to calculate local property taxes. A rate of one mill represents a tax liability of $1.00 per $1,000.00 dollars of assessed value.
In Panama City, a new cap was proposed at Tuesday’s commission meeting, raising the millage rate from 4.35 to 5.55.
“We will be able to get a certain amount of money to replenish our reserves, which we’ve spent our 17 million dollars worth of reserves already, and we will be able to garner the same amount of money as we did last year to run the city,” said Panama City Mayor Greg Brudnicki.
He says even though this is an increase, it will not have a big impact.
“Most people’s property taxes probably won’t go up much at all, some of them will go down because their values dropped even though the millage went up,” said Brudnicki.
There will be a public hearing for the Panama City millage rate on September 9th. There will be a final hearing on September 23rd.
In Bay County, the board agreed on a ‘millage ceiling’, meaning when their budget is set, they can not raise the rate higher than 5.05.
“We are diligently working, turning over every stone, to try to find every source to save money so that we don’t burden the citizens of Bay County,” said commission chairman Philip ‘Griff’ Griffitts.
The county commissioners will be hosting another public workshop on August 27 at 1:00 p.m. inside the Bay County Government Center.
In Callaway, they plan to raise the rate from 1.99 to 2.75.
One city that did finalize their millage rate is Lynn Haven. Commissioners decided to keep their current rate of 3.9.