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By Lou Elliott Jones
Property values in the city of Bronson are down, but just by a smidgen, according to an estimate by Levy County Appraiser Oz Barker.
Bronson City Clerk Kelli Brettel informed the Town Council at Monday's meeting that Barker estimates that property within city limits was worth $32,600,000 as of Jan. 1. That date is the benchmark for setting property values for bills that will arrive in November from Tax Collector Linda Fugate.
The estimate from Barker is used to help officials in drawing up this year's budget and setting the annual ad valorem property tax rate.
Last year's property value on which 2013 tax bills for Bronson property owners were based was $32,798.144, Brettel said. In October 2013 the council voted unanimously to adopt a property tax rate of 3.89 mills, up from the 2012 rate of 3.65 mills. The 2013 tax was expected to bring in about $127,000 in ad valorem revenue for the town.
With the new estimated property value, the 3.89 millage rate would bring in $126,814 in revenue for the fiscal year beginning Oct. 1.
A mill is equal to $1 of every $1000 of assessed property value. Under the 2013 rate a Bronson property owner paid $390 in taxes for each $100,000 in value.
Ever-falling property values throughout the county since the onset of the recession in 2008 have forced many municipal and county government to offset a possible loss of revenue by raising the millage.
There was no indication from the council during the meeting as to whether tax rates would have to be increased again.