Preliminary approval has been given by the Naples city council to lower the millage rate from 1.18 to 1.15 according to the Naples Daily News. Collier County already boasts the lowest tax rate in the state of Florida. The city has a proposed budget of $144m. With the increase in property values over the past year the city is expecting $2.1m in new revenue. Councilman Doug Finlay had proposed a further reduction in the rate to offset the 10% increase in property values but failed in his bid to convince other council members to vote his way.
It is very important for homeowners to Homestead their properties if possible as the benefit is a 3% cap on the increase of your tax assesed value.