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Posted on: September 29, 2021

City Council Approves Tax Cut for 2022

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September 29, 2021

 

City Council Approves Tax Cut for 2022

 

 

With the adoption of the Fiscal Year (FY) 2022 budget at a special meeting of the Milton City Council on September 28, 2021, Council approved a reduction in the millage rate for all City property owners.  As a result, Miltonians may benefit from a tax decrease this coming year on the city portion of their ad valorem tax bill. 

 

The new millage rate for property in the City is 2.99, down from 3.0841, a 3.05% decrease.  The ad valorem taxes are calculated by multiplying the millage rate by every thousand dollars of taxable value, as determined by the Santa Rosa County Property Appraiser.  This marks the second consecutive year that Council has lowered the millage rate.  

 

For more information, please contact the City of Milton’s Budget Office at 850-983-5400.  Information on the City’s budget may also be found on the City’s website: www.miltonfl.org

 

 

 

 

 

 

Calculation of Ad Valorem Taxes

 

There are two variables that make up the ad valorem taxes for a property.  The first is the assessed value of the property.  The assessed value is determined by the County Property Appraiser annually.  As property appreciates or depreciates in value over time, the assessed value changes.  Exemptions, such the Homestead Exemption, may lower the taxable value of property.  The City has no control over the assessed value determination.  The second variable is the millage rate, or the amount of tax applied to the assessed value.  A mill is 1/1000 of a dollar, or $1 of tax for every $1,000 of taxable value.  The millage can also be adjusted up or down annually by the various local government entities up to the maximum millage allowed by law.  The formula for determining the amount of ad valorem tax is:

 

Taxable Value  X  Millage Rate = Ad Valorem Tax

 

Both variables may change, up or down, annually, resulting in different taxes levied.  

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