St. Pete Beach, located in Pinellas County, Florida, is raising taxes for the 2011 year.
This is going to affect thousands of people, as Pinellas County encompasses 24 incorporated cities and several unincorporated communities. The City Commission is planning to hike the property taxes by 7.49 percent. The millage rate would be capped at 2.9612, which would bring up the county's coffers by $452,000. The state of Florida assesses every property by January 1st every year using the full market value (minus the cost of the sale).
Taxes paid by St. Pete residents go to two separate funds: one to run the police department, which uses a large chunk, and one to go toward operating expenses.
The last few years have been tough for Pinellas County, as many of its residents have watched the values of their homes drop by over six percent. In order to keep the county's numerous social services, its residents must pay the higher fees or risk losing its programs. For example, a home that is appraised at $100,000 would pay about $140 in city property taxes, which is a $40 increase over the previous year.
South Florida has unique problems when it comes to funding its reserves. Hurricanes and flash floods can quickly cause thousands of dollars of damage, and Pinellas County is commonly a landing zone for natural disasters. Cities must have enough money in their coffers to cover the cost of damages, which can be extensive.
The Deepwater Horizon spill, which affected some coastal cities within the county, has also complicated property taxes. Appraisers are working overtime to assess homes and businesses that may have been affected by the oil spill. Some owners have seen their property values drop because fewer buyers are willing to purchase a home or visit a business near an oil spill. These residents may receive a lower property tax bill if there is evidence of a drop in value. Each property owner needs to create a report that details exactly how he or she has been affected.
As of 2010, there is little evidence that homeowners have been affected, since most of the oil was carried away from the beaches in Florida. Marinas, ocean-front restaurants, motels and hotels, however, might be able to make a claim for lower property taxes. Each property is assessed on a case-by-case basis.
The deadline to pay property taxes in Pinellas County is April, but March is the last month in which to file for any exemptions.
References:
http://www.pcpao.org/
http://www.tampabay.com/news/localgovernment/st-pete-beach-proposes-749-...
