Live Oak —
The Suwannee County Board of County Commissioners voted unanimously recently to increase the proposed property tax rate to 9.3989 mils, an increase from the current rate of 9.0.
Commissioners can lower the millage rate at any time prior to the final hearing, but it cannot be increased.
Once the proposed rate passes two public hearings and is adopted it will apply for the 2014-15 fiscal year, which will begin on Oct. 1, and end Sept. 30, 2015.
Dates for budget workshops and public hearings will be discussed at the next commission meeting on July 15, at the Judicial Annex Building.
Proposed millage rate increase
Ken Williams, chief deputy of finance, said the proposed millage rate will put an additional $565,463 of revenue in the county coffers, if approved.
“The board approved a millage rate not to exceed the fiscal year 2015 rolled-back of 9.3989 mils for the fiscal 2015 taxable year,” Williams said. “The difference between the current rate of 9.0 mills and the rolled-back rate of 9.3989 mils represents a potential increase in the ad valorem tax base of $565,463.”
Williams added the county only budgets 95 percent of projected revenue.
“Since we only budget 95 percent of projected revenue, the effect on the budgeted revenues would be a potential increase to the budget of $537,190 (95 percent of $565,463),” he said.
Williams said county staff was directed by the board to prepare a budget using the current millage rate of 9 mils with the budget difference of $537,190 set aside in a contingency account.
Proposed county budget
Williams said the current ad valorem tax budget for the 2014 fiscal year is $12,253,836 which represents 95 precent of the prior year assessed value at the 9.0 millage rate.
The 2015 fiscal year assessed value at the rolled-back rate of 9.3989 mils would produce an ad valorem tax budget of $12,657,298 at the 95 percent budget rate. The 2015 fiscal year assessed value at the prior year millage rate of 9.0 mils would produce an ad valorem tax budget of $12,120,108 at the 95 percent budget rate.