Charlotte County commissioners discussed during a July 17 budget presentation how inflation, higher assessed valuations, more homes being added to the tax rolls and the need for more personnel affected the tentative 2024-25 budget.
County Budget and Administrative Services Director Gordon Burger presented a $2,289,745,647 tentative budget that was approved by the board. The budget could be amended after hearing from public input and receiving information from the county’s department heads, who are being asked where they could make 5% cuts and still maintain their level of services.
The board also approved keeping the county’s current millage rate of 6.1687.
But taxpayers might get sticker shock, especially nonhomesteaded residents. While homesteaded residents are protected by law and their taxes cannot increase by more than 3% or the percent change in the Consumer Price Index, whichever is less, nonhomesteaded residents face a property tax increase of up to 10%.
Taxable property valuations are up 19%, county Property Appraiser Paul Polk said.
Board Chair Bill Truex said members of the public “are going to have a heart attack because valuations are going up.”
Usually commissioners don’t meet in August, but they decided to host another budget meeting Aug. 19 at 1 p.m. in room 119 of the county’s administration building, 18500 Murdock Circle in Port Charlotte.
The location of the two upcoming public hearings on the budget were changed to Charlotte Harbor Event and Conference Center due to an expected large turnout. The first hearing will take place Sept. 5, and the final budget public hearing is slated for Sept. 24.
Polk said there was a $2.9 billion increase in property sold after the first of the year.
When a homesteaded property is sold, the taxable valuation is reset. If the new owner is not homesteaded on another Florida property and can transfer their homestead exemption via portability, they will pay much more in property taxes.
Exempt from the homestead exemption are non-Florida residents who have a second home or investment homes in the state.
Polk said previously damaged homes exempt from property taxes that are now repaired put $900 million back on the tax rolls as of Jan. 1.
There was $1.7 billion in new construction and the 19% increase in tax value amounts to $31 billion in taxable property value, the highest that county has ever seen, Polk said.
He compared this year’s taxable valuation to 2020’s $18 billion and said the county now has a 68% increase from that year.
The Sunseeker Resort Charlotte Harbor property’s assessment is included in the present figure, Polk said. Because of its unique property, Polk hired an outside appraiser who specializes in resort, income-producing properties.
In addition to Polk, other constitutional officers presented their current status, including Tax Collector Vickie Potts, a representative from Clerk of the Circuit Court Roger Eaton’s office, Supervisor of Elections Leah Valenti and Chief Deputy Michael Casarella from the Charlotte County Sheriff’s Office, who provided reports on the office’s operations.
