Today, Orlando Mayor Buddy Dyer will deliver the city’s 2014-2015 annual budget and residents should brace for higher taxes to help close the budget gap.
In April, while Dyer lauded the city’s “strong financial management,” he warned that Orlando is facing a budget challenge and appealed for solutions.
Dyer will tell residents that he is proposing to increase their property taxes.
With a budget gap of nearly $30 million, the city plans to increase property taxes from $5.65 to $6.25 for every $1,000 taxable value, to help meet the budget short fall. Â If approved, some property owners will see tax increases of more than $100 annually.
Dyer is also expected to announce budget cuts that will have implications for public safety and other vital city services.
Over the last several years, the city has embarked on a number of major projects including, a new performing arts center, renovation of the Citrus Bowl and the proposed Orlando City Soccer stadium.
Rising property values and new construction is estimated to bring in an additional $6.5 million in property tax revenues next year.
But Dyer said, the city is constrained from growing its tax base even more through rising property values, owing to the state-imposed revenue caps.
The city will hold two public meetings in September to discuss the tax increases, before moving forward to approve the new budget.
