Mayor Castor proposes Tampa's first property tax rate hike in 30 years
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Mayor Jane Castor proposed a 16% property tax rate increase for Tampa homeowners as part of the $1.92 billion budget she unveiled last week.
Why it matters: This is the city's first property tax rate increase in three decades. Castor said it would bolster Tampa's revenue and help tackle housing, public transportation and public safety concerns.
Details: The proposed rate is $7.21 for every $1,000 of assessed, taxable value. If approved, a Tampa homeowner with an average assessment of $281,495 and a homestead exemption can anticipate $19.29 per month added to their tax bill.
- The budget would raise about $45 million a year for the city's general revenue fund.
- Castor's proposal would make Tampa's rate higher than Orlando and St. Petersburg, according to the Tampa Bay Times. It comes as the area struggles against rising property insurance and the highest inflation in the U.S.
What they're saying: "This increase will not only be about investing in the physical infrastructure," Castor said in a letter to the city council, "but also investing in the infrastructure of people."
- "It will be about working together to tackle our greatest challenges and coming together to celebrate our greatest successes."
Of note: Castor's multibillion-dollar mobility plan underscored critical issues plaguing Tampa — from road fatalities to traffic congestion. Her proposed budget would triple spending on transportation.
- It would also ramp "up the paving of deteriorated roads and construction of missing sidewalks," according to the mayor's office.
Here's a brief round-up of investments in the proposed budget:
- Adds over $9 million to the Tampa Police Department and Tampa Fire Rescue. It would also fund more officers and new vehicles.
- Funnels an extra $5.7 million to improve conservation efforts, athletic facilities, and pools.
- Earmarks an additional $9.1 million for housing.
What's next: Tampa City Council is expected to vote on Castor's budget in September and public hearings will be held around then.