City hopes a 15% hike helps revenues, despite decreased property values.
The Bradenton City Council hopes an increase in the property tax millage rate will help steady revenues, even as property values fall. The potential for a shortfall led the council to approve a 15% rate increase last week.
Pending final approval, Bradenton property owners will pay $4.9452 per $1,000 in assessed value, up roughly 66 cents from the current $4.2843 rate.
In the second quarter of 2010, the median sale price for an existing single-family home in the Sarasota-Bradenton market was $166,800, according to Florida Realtors. A Bradenton homeowner with a similarly valued property could pay more than $100 in additional taxes with the new rate in place.