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Century Property Values Up $5.2 Million; Tax Increase Of 290% Proposed. But That’s Not As Much As It Sounds, Town Says

Property values are up over $5 million in Century over the past year, which will lead to increased revenues for the town at the same property tax rate, according to Mayor Ben Boutwell. A proposed tax increase of 290% is on the table, but that’s not as much as it sounds, according to the town.

The town says property values increased $5.2 million — from about $49.5 million last tax year to $54.7 million this year.

“We expect property values to continue to increase year over year. As areas to our south are moving north, we are preparing our infrastructure for future growth,” Mayor Ben Boutwell said, adding that’s good for Century and for the property owners.

Boutwell said the town’s millage rate for the upcoming fiscal year will hold steady at 0.9204 mills for the eight consecutive year, and that will generate extra revenue for the town due to the increased property values.

According to the state, the steady property tax rate is a 290.66% increase over the rolled back rate of 0.3657. The rolled back rate is a computed millage rate that would generate the same amount of ad valorem tax dollars as the prior fiscal year, based on the proposed year’s tax roll, excluding new construction. A millage rate higher than the rolled-back rate is defined by the State of Florida as a tax increase and must be advertised as such.

Even so, according to the town, the individual burden won’t be as bad as 290.66% sounds. That’s because only a small portion of a resident’s property tax bill is for the Town of Century.

Last year, the town generated $45,399 in property tax. This next fiscal year the combined tax burden divided total for all residents is expected to be $50,307 — an increase of $4,908.

Boutwell said the additional revenue will be used to improve streets — such as pothole repairs — and enhance other areas of the town.

The property tax rate must still be approved by the town council during a future meeting.