PANAMA CITY, Fla. (WMBB) — A new millage rate was proposed at Tuesday’s city commission meeting. Commissioners want to raise the rate to 5.5% for the next 10 years.
This extra funding will go to restoring the city’s reserves.
“This is vital as we saw it in post-Hurricane Michael,” said City Manager Mark McQueen. “We needed to have robust reserves to be able to address emergency requirements.”
The money will also go to capital improvement projects.
“A portion of the millage increase will go to capital improvements,” said McQueen. “So we can help improve our water, our sewer and our roads within the city of Panama City.”
This increase millage rage could concern citizens with the possibility of raising their taxes. McQueen said this might not be the case due to the changes in property value after the storm.
“So even though there may be a millage increase, our citizens may actually see a reduction in their taxes because the value of their property has been diminished because of the storm,” said McQueen.
This is rate is still open to discussion. There will be a public hearing on September 9th. The final hearing will take place on September 23rd.