The booming real estate market could generate a roughly $90 million surge in new property taxes for the city of Jacksonville, double the annual growth the city has experienced in recent years, according to preliminary figures.
City Council member Danny Becton, who is vice chairman of the council's Finance Committee, disclosed the scale of the expected jump in taxes when he argued unsuccessfully for a resolution urging Mayor Lenny Curry to use a lower property tax rate in crafting the 2022-23 budget.
The city has used the same property tax rate since 2013. Even if the tax rate doesn't change for next year's budget, many property-owners will see bigger jumps in what they owe compared to prior years because the taxable value of their homes and businesses is going up at a faster pace.
Read the rest of this story at WJCT News partner The Florida Times-Union.