With the start of the new fiscal year approaching Oct. 1, Monroe County commissioners hold the final hearing on county tax rates and and a 2018 budget at 5:05 p.m. Sept. 27 in Key West.
The proposed property-tax rate of 3.4149 mills would require a homeowner with a taxable assessed value of $300,000 to pay about $1,024.50 for county-related taxes.
At Wednesday’s meeting at the Harvey Government Center on Truman Avenue, the tax rate can be lowered by commissioners but not raised.
The county’s budget and ad valorem levies do not include local school taxes, incorporated municipality taxes or other special-district taxes.
Increasing property values allow the county to lower the tax rate from fiscal year 2017 and still generate about $83.8 million in ad valorem revenues. The county’s pending tax rate would be 3.84 percent above the rollback rate, or the amount needed to generate the same $80.9 million garnered from this year’s taxes.
The budget and tax rate were scheduled to be finalized Sept. 11 but were postponed by Hurricane Irma.
Before the formal budget hearing, county commissioners convene at 4 p.m. Wednesday at the Harvey center to discuss budget and storm-related issues.
Kevin Wadlow: 305-440-3206