Town Council sets tentative millage rate
Town Council set the tentative millage rate for the next fiscal year at .95 mills, up from the current .87. The rate has been .87 for several years.
Council stressed that this number is purely provisional, and it can go down but can’t go up. This number is based on about a 3 percent growth of taxable real-estate values.
This will give the town approximately an extra $250,000. Council said that the money would go toward revamping the area. Three projects that were used as examples are Time Square, Bayside Park and the entrance to Bay Oaks.
A mill is equal to $1 for every $1,000 of taxable property valuation.
The millage rate won’t be adopted until after a series of budget workshops and two public hearings concluding in September.
“This is just something that we have to do now as a preliminary measure in order to give us the opportunity to have further discussions,” said Mayor Anita Cereceda.