SANIBEL ISLAND, Fla. — How much people on Sanibel Island will pay in property taxes next year is riding on a decision from City Council. In a budget hearing on Monday, council members have the opportunity to listen to comments and concerns from the community.
The technical term is millage rate, which is the tax rate used to figure out local property taxes. In the budget proposed for 2023, the rate is 1.975. When it comes down to a homeowner's wallet, the budget showed a homeowner can expect to pay about $90 more next year, if the budget is approved.
This comes as a budget PowerPoint presentation showed a 13-percent increase in property value. More value means more cash for the city. If the rate does go up, the City will bring in about $500,000 more to put towards the budget or even a rainy day fund, which would be in the reserves budget.
With the potential for a tax rate increase — we asked the City where the money would be spent in the budget. As of Monday afternoon we have not heard back.
The proposed budget as a whole is a little more than $84 million. Of the government funds, where some of it is paid for through tax dollars, about 13-percent will go to general government expenses and public safety.
The final budget hearing will be on Sept. 28 at 5:01 p.m. Between now and then changes can still be made.