NEW PORT RICHEY – The final taxable assessed values for Pasco County increased 9.3 percent for the General Fund and those numbers have allowed the County Commission to give a preliminary approval to maintaining the current property tax rates for the next fiscal year.
If approved on final vote later this fall, the current general fund rate of 7.6076 mills and the Fire Service rate of 1.8036 mills will remain in effect.
A mill generates one dollar of tax revenue for each $1,000 of assessed taxable property value.
Those tax rate numbers were confirmed to the commission during its July 7 meeting by County Budget Director Robert Goehrig and were approved as tentative millage rates by the commission for the county’s state-mandated Truth In Millage notice.
Goehrig said the final assessed total Pasco property value increased from the preliminary 9 percent reported on June 1 to the 9.3 percent, reported as of July 1.
“The new construction numbers increased significantly from $900 million to over $1 billion today,” he said.
Goehrig said the increased value generates an additional $9.14 million in ad valorem tax revenues.
“We have an agreement with the sheriff where his department will receive half of that increase while the board and other constitutionals receive the other half,” he explained.
He said Sheriff Chris Nocco had built that Sheriff’s Office budget based on the assumption the taxable assessed values would increase by 9.5 percent.
Given that they increased by 9.3 percent, the sheriff decreased his budget by around $300,000 to comply with the agreement where the County Commission and the sheriff get half the increase, Goehrig said. That leaves about $3 million left for the commission and other constitutional officers to spend on new and expanded services for our citizens, he said.
He said the Fire Fund would see an additional $4.04 million due to the increased values.
Under the 23-year-old Save Our Homes provision of the state constitution, the yearly increase in the taxable value of homesteaded properties in Florida is capped at 3 percent, or the rate of inflation, whichever is less. Goehrig said the taxable values of homestead properties will now not increase by more than 1.9 percent which is the current rate of inflation being used for this tax year.
He explained the taxable value of a homesteaded single-family home will increase an average of $1,900 which will result in an additional $14.45 in property taxes due to the increase in property values.
The taxable value of a non-homesteaded single-family home will increase an average of $13,950 which will result in an additional $106.71 in property taxes due to the increase in property values.
The first public hearing on Pasco County’s proposed property tax rates and budget for fiscal 2020, which begins Oct. 1, has been set for the Historic Pasco County Courthouse in Dade City on Sept. 3 at 6:30 p.m. The second and final budget hearing will be held at 6 p.m. Sept. 18, at the West Pasco Government Center.