Taxation: Tampa
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Port Tampa Bay Board Lowers Millage Rate, Ups Tax Payer Value, For FY 2016-17 Budget
Port Tampa Bay’s governing board voted September 21 to approve the port’s new annual budget, which includes a reduction in the port authority’s FY 2016-17-millage rate to $0.1450 per $1,000 valuation.
The 2017 millage rate is a decrease from 2016’s millage rate of $0.1550 per $1,000 valuation and represents a true property tax reduction. The 2017 millage rate means a Hillsborough County resident who owns a home valued at $150,000 coupled with a $50,000 homestead exemption will pay $14.50 annually in port-related property taxes.
The port authority uses its property tax revenues solely for the construction, repair and maintenance of port infrastructure such as berths, wharves and dredging. Examples in recent years of tax-funded projects include construction of an on-dock rail facility, reconstruction and modernization of petroleum terminal facilities, and construction of a multi-use cargo berth. These projects benefit the public by generating jobs, tax revenues and economic development.
The port authority’s Comprehensive Annual Financial Report shows it collected approximately $11 million in ad valorem tax revenue in fiscal year 2015.
"Continuing to lower our millage rate shows a commitment to providing the Hillsborough County tax payer with a high return on investment, supporting only highly important, very large legacy projects that will provide economic impact for many years to follow," said Port CEO Paul Anderson.
Port Tampa Bay’s governing board voted September 21 to approve the port’s new annual budget, which includes a reduction in the port authority’s FY 2016-17-millage rate to $0.1450 per $1,000 valuation.
The 2017 millage rate is a decrease from 2016’s millage rate of $0.1550 per $1,000 valuation and represents a true property tax reduction. The 2017 millage rate means a Hillsborough County resident who owns a home valued at $150,000 coupled with a $50,000 homestead exemption will pay $14.50 annually in port-related property taxes.
The port authority uses its property tax revenues solely for the construction, repair and maintenance of port infrastructure such as berths, wharves and dredging. Examples in recent years of tax-funded projects include construction of an on-dock rail facility, reconstruction and modernization of petroleum terminal facilities, and construction of a multi-use cargo berth. These projects benefit the public by generating jobs, tax revenues and economic development.
The port authority’s Comprehensive Annual Financial Report shows it collected approximately $11 million in ad valorem tax revenue in fiscal year 2015.
"Continuing to lower our millage rate shows a commitment to providing the Hillsborough County tax payer with a high return on investment, supporting only highly important, very large legacy projects that will provide economic impact for many years to follow," said Port CEO Paul Anderson.
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