Although the Marathon city budget will have to be tweaked because of damage caused by Hurricane Irma, the proposed property-tax rate of 2.59 mills for fiscal year 2017-18 will stay the same.
At $2.59 per $1,000 of assessed property value, the tentative tax rate will not go up as the budget changes, said city Finance Director Jennifer Johnson at Friday’s City Council meeting.
Council members unanimously approved the tentative budget Friday at the first of two public hearings for the upcoming fiscal year that started Oct. 1. But the budget will have to be revamped.
“Quite frankly, all of our capital projects have now changed. Our priorities are changing and our wallet is wide open,” Johnson told council members.
While the budget would typically have had to been approved by Oct. 1, the city was given an extension from the state Department of Revenue, good through Nov. 4.
On a taxable land value of $2.36 billion, the city expects to collect $5,935,905 in city taxes toward its budget of $17,845,187. The rest of the money comes from licenses and permits, intergovernmental revenue, charges for services and the like.
Johnson could not say how long it will take to revamp the budget.
Last fiscal year, the owner of a home valued at $300,000 paid $750 in city taxes for the fiscal year. For 2017-18, the owner of a home valued at $300,000 will pay $777 should the millage rate be approved. The slight increase is due to increased property values pre-Irma.
City Council was set to hold its second budget hearing Tuesday night with results too late for press time.
Katie Atkins: 305-440-3219