Mayor Dan Murphy of Anna Maria City has put forward a bold proposal to reduce the current millage rate significantly for property owners in the area. Millage Rate Reduction ProposalMurphy aims to lower the current 2.05 millage rate to the rollback rate of 1.8245 or lower, ensuring a tax reduction for residents. The rollback rate is crucial as it signifies the rate needed to maintain the same property tax revenues as the current fiscal year, even with increased property values. At a recent budget meeting, Mayor Murphy presented his plan, emphasizing the importance of providing essential services while reducing the burden on property owners. Commission SupportThe city commission has shown preliminary support for this proposed millage reduction, acknowledging the potential benefits for the community. Lean and Mean BudgetMurphy assured that despite the reduction in the millage rate, the city's budget would remain 'lean and mean,' focusing on efficiency and utilizing existing resources. The aim is to improve quality of life without compromising on essential services. Taxable Value InsightsWith the current taxable value of real properties in Anna Maria standing at $2.32 billion, the proposed millage reduction could lead to property owners paying roughly $1.82 per $1,000 of assessed property value. Notably, Anna Maria's current millage rate has historically been one of the lowest in the region. Revenue ProjectionsFor the upcoming fiscal year, the city projects a substantial increase in total revenues, reaching $18.1 million. This includes unspent funds from ongoing projects and additional sources of revenue. Stormwater projects are prioritized in the budget, aiming to enhance citywide infrastructure. Tourism Development and Senior Citizen ExemptionsDespite facing challenges like a recent state appropriation veto, Mayor Murphy remains optimistic about securing funds for essential projects such as public comfort stations. Additionally, discussions are underway regarding senior citizen tax exemptions, with potential adjustments to benefit qualifying residents. Upcoming Budget MeetingsThe city is gearing up for crucial budget meetings in July to finalize operating expenses, capital projects, and the tentative millage rate. These discussions will play a significant role in shaping the fiscal landscape for the 2024-25 budget year. Mayor Murphy's proactive approach towards financial planning reflects a commitment to fiscal responsibility and community well-being.