Gulfport Property Values Slated to Increase

Gulfport City Manager Jim O'Reilly shared signs of economic growth in Gulfport during Tuesday night's City Council meeting.

According to a new property value estimate by the Pinellas County Property Appraiser, property values in Gulfport are estimated to increase for the first time in six years.

Currently, O'Reilly says the estimate indicates property values will increase by .77% during the next fiscal year. The latest numbers became available at the end of May and O'Reilly says another estimate should be released in early July. He will use the most recent estimate as the guidelines for sculpting the FY2013/2014 Operating Budget.

As of right now, O'Reilly is recommending the city make no changes to the current millage rate of 4.039. If they were to make no change and property values increase by the current estimate of .77%, the city would receive an additional nearly $19,015.

Property Tax Forecast (Provided by City Manager)

Property Value
FY 2013 Taxable Value Per Property Appraiser = $649,774, 153
Estimated FY 2014 = $654,597,394 (Represents estimated Property Appraiser's (.77% increase or .0077).)

Tax Collections
FY 2013 = $2,469,561 generated by 4.039 Mils.
FY 2014 = $2,488,576 generated by 4.039 Mils. (Represents estimated Property Appraiser's (.77% increase or .0077).)

Tax Rates
FY 2013 = 4.039 Mils.
Proposed FY 2014 = 4.039 Mils.

Although O'Reilly recommends not changing the millage rate, councilors can still vote to increase or decrease the rate during the July 2 City Council Meeting.