County commissioners are proposing a modest decrease in property taxes for next year.
The board will meet Thursday, Sept. 9, to discuss setting the 2021-22 tax rate at 7.7623 mills, a reduction from this year’s 7.8887 mills.
Although the proposed tax rate is a decrease, it is still above the rollback rate, which is the tax rate that would have generated the same amount of revenue as last year.
One mill equals $1 for every $1,000 of a property’s taxable value.
For example, if a home is valued at $75,000 after the homestead exemption, the homeowner will pay $582 in county taxes. That does not include fees imposed by the county for other services.
Even though the millage rate would go down, the county budget would actually increase because of average increases in home value and new construction. The lower millage would bring in about $4 million more in taxes.
The proposed tentative budget for next year is $358,691,048, a 10.7% increase from last year’s budget of $324,138,176.
Much of the increase comes from $34.2 million in federal dollars related to COVID-19 expenses and recovery.
The budget public hearing is at 5:01 p.m. Thursday, Sept. 9, at the Citrus County Courthouse, 110 N. Apopka Ave., Inverness. The budget year begins Oct. 1.