Wildwood commissioners Monday evening set the town’s property tax fee for 2023-24 at about $2.83 per $1,000 assessed valuation, a 5.7 p.c lower from final 12 months’s fee of $3.
The tax fee can be on the rolled-back fee, which is the quantity wanted to gather the identical income because the prior 12 months excluding new development.
Property homeowners will obtain notices reflecting the speed, though it may be lowered earlier than remaining adoption of the town price range in late September. The fiscal 12 months begins Oct. 1.
Wildwood is anticipated to gather $17.8 million in property taxes subsequent 12 months, a $3.5 million improve as a result of development. The proprietor of a home assessed at $400,000 can pay $1,131.48 in metropolis taxes, down $68.52 from this 12 months’s invoice.
Whole property values within the metropolis have reached about $6 billion, up about $1 billion from a 12 months in the past.
Whereas development permits the town to set taxes on the rolled-back fee, Mayor Ed Wolf stated he hopes the town ultimately gained’t face the identical state of affairs as Sumter County, which used the rolled-back fee 12 months after 12 months till a 25 p.c improve was enacted in 2019. That improve led to the ouster of three county commissioners the next 12 months.
Whole expenditures in Wildwood’s proposed $89.5-million price range for 2023-24 are up about 49 p.c from this 12 months’s quantity of $60.1 million. They embody $31.2 million in working bills plus expensive capital tasks that reminiscent of upgrading the wastewater remedy plant, elevate stations, sewer traces, Millennium Park enhancements and a downtown parking ramp.
These capital tasks can be financed via the sale of income bonds and a proposed 25 p.c hike in wastewater charges.
Wildwood additionally is anticipated to obtain $4.6 million in franchise charges from water, gasoline and refuse suppliers, $3.3 million in utility service charges and $3 million in state income sharing.