Longboat Key property values officially rebound

Longboat Key’s year-to-year property tax values rebounded after falling last year for the first time since 2013.

On July 1, the Property Appraisers Offices in Sarasota and Manatee counties provided the town with its certified taxable values.

Longboat Key’s 2021 certified values show a 5.99% increase in combined taxable values between Sarasota and Manatee counties. The increase is also larger than June’s projection of a 5.37% increase.

During fiscal year 2022, the town is projected to collect $13,139,051 in property taxes if the millage rate remains unchanged. The revenue typically makes up about three-fourths of the total revenue the town collects each fiscal year. The fiscal year 2022 total is an increase of $740,866 compared to the previous fiscal year.

During their July 2 meeting, commissioners set the maximum base millage rate of 2.1144, which is unchanged since fiscal year 2018 budget.

“As I mentioned, this is the maximum rate, so you can’t, or you can’t without a lot of difficulty, go beyond the maximum millage rate when you go into your public hearing,” Town Manager Tom Harmer said.

At the start of August, commissioners are due to receive the recommended budget and town manager’s budget message in accordance with the Town Charter.

“We’ll still have a few things that we’ll be tweaking related to state-revenue forecasting and anything else that comes up between now and Aug. 1,” Harmer said.

A first reading of the budget is set for Sept. 13. The second reading and adoption of the budget is set for Sept. 27.

Fiscal year 2022 starts on Oct. 1.