The Gainesville City Council unanimously voted Tuesday, June 16 to approve a budget for the next fiscal year that includes a rolled back property tax rate.
The rollback millage rate is the average rate a city taxpayer would need in order to avoid receiving a higher tax bill due to a higher property assessment. Some taxpayers could see higher or lower bills, depending on their assessments.
The millage rate has been rolled back from 3.322 mills to 3.241 mills. One mill equals $1 for every $1,000 in assessed value.
The $28.8 million budget is 9.8% lower than the current year’s budget. It includes an expected 12% overall decline in revenues due to the financial impact of the COVID-19 pandemic.
The council also approved a rate of 6.614 mills for the Gainesville Board of Education, which will be doing its budget process in July. If the rate changes, it will come back before the Council for another vote.
The budget is available on the city website. The city’s fiscal year restarts July 1.