Wildwood Commission Sets Millage Rate Cap for FY 25

Wildwood’s city commission last night voted unanimously to carry the current 2.8287 millage rate into the new fiscal year budget, effective Oct. 1, 2024.

Millage is the rate at which property is taxed per $1,000 of assessed value. The rate approved last night will be submitted to Sumter County’s property appraiser before the Aug. 4 deadline and will be included in the annual TRIM notice sent to property owners.

“You’ll be paying the same as last year if your property value has not increased,” said Mayor Ed Wolf. “I can’t think of anything else we pay the same for today as we did a year ago.”

While the 2.8287 millage rate is the same as that currently in effect, Florida state law defines it as a tax increase because it is higher than the rolled-back rate of 2.6499. The rolled-back rate would provide the same tax revenue as the prior year, excluding new construction and annexation.

Compared to five years ago, when the adopted millage rate was 3.6580, the FY 25 rate is a reduction of more than 22 percent, and is nearly 30 percent less than in FY 18, when the adopted rate was 4.0184.

“Our elected officials work hard to prioritize citizen needs while moderating spending,” explained Cassandra Smith, Wildwood’s chief financial officer and assistant city manager. “Utility infrastructure is the top priority this year, and staff are seeking every potential grant opportunity, as well as other possible funding sources, to help mitigate the financial burden on our residents.”

The budget remains subject to two public hearings, scheduled for 7 p.m. on Sept. 9 and Sept. 23, as well as a final commission vote after the second public input session. The commission may elect to lower the millage rate before its final vote, but state law prohibits raising it after TRIM notices are sent.

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