Homeowners in Anna Maria may have reason to celebrate a little when they receive their 2010-11 property tax bill from the Manatee County Tax Collectors Office.
Commissioners at their Sept. 22 final hearing on the 2010-11 budget unanimously voted to retain the city property tax rate — ad valorem taxes — at 1.7882 mils, the same rate in the 2009-10 budget.
The commission wasted little time passing the new budget and millage rate at the hearing, having ironed out financial issues at two prior budget work sessions and one public hearing.
City treasurer Diane Percycoe had originally proposed a $2.1 million budget with a 1.8665 millage rate — the roll-back rate — that would allow the city to receive the same amount of ad valorem tax revenues as in 2009-10. The higher rate is actually a “roll-up” rate, Percycoe said.
At a prior work session, commissioners agreed to move $45,000 from the $985,000 reserve fund to meet the needs in the 2010-11 budget.
Even taking $45,000 from reserves leaves the city with a reserve-to-operating budget of 44.7 percent, well above the 35 percent recommended by city auditor Ed Leonard, Percycoe said.
Because of the recent decline in property values, a 1.7882 ad valorem rate might reduce a property owner’s tax bill this year when compared with 2009-10, Commissioner Dale Woodland said.
Commission Chair John Quam said the 1.7882 millage rate is 4.4 percent lower than the 1.8665 rate presented in the original draft budget submitted to commissioners in July.
Percycoe reminded the commission that the city only receives back about 11 percent of the total taxes collected from a city homeowner by Manatee County government.
One mil equals .1 percent (1/10 of 1 percent). At the city’s ad valorem rate of 1.7882, an owner with a home appraised at $300,000 would pay $536.40 in city property taxes in the coming fiscal year.
If the rate had been set at 1.8665, the homeowner would have had a city tax bill of $559.95. The lower rate saves the homeowner $33.55 in taxes for the fiscal year 2010-11.
Anna Maria 2010-11 itemized budget
Budget year 2009-10 2010-11
Millage 1.7882 1.7882
Roll-back 1.9450 1.8665
Ad valorem tax $1.106 million $1.110 million
Total revenue $2.95 million $2.14 million
Total expense $2.885 million $2.14 million
Administration $481,591 $489,596
Commission $33,600 $33,600
Police $659,000 $665,000
Emergency Ops. $7,000 $6,000
Roads, streets $6,000 $3,500
Stormwater $0 $24,100
Capital projects $225,000 $225,000