The Southwest Florida Water Management District, the water usage governing agency commonly known as Swiftmud, has reduced its ad valorem taxes for the upcoming fiscal year.
Swiftmud’s governing board adopted a millage rate of 0.3818 mills, down 2.8 percent from the previous year.
One mill represents $1 of tax on every $1,000 of taxable property value. For example, a home appraised at $150,000 with a $50,000 homestead exemption would be levied a Swiftmud tax of $38.18 for the coming year.
The savings represent a $2.9 million overall reduction in how much Swiftmud will collect from property owners this year compared to last year. This year’s budget totals $170.8 million. That budget includes $95.8 million for capital and infrastructure as well as other projects.
Those investments, after being leveraged with various financial partners, will rise to $138 million. It will be funded using money available from previous years as well as projects that have already been completed under budget or outright cancelled.
Swiftmud’s district encompasses roughly 10,000 square miles in all or part of 16 counties in the state, according to the agency’s website. It serves a population of 4.7 million people.
The state allows Swiftmud to levy up to 1 mill, but the agency actually only collects about a third of that with the current budget.
