In North Port, a new limit on how much the city can levy in property taxes. It’s the so-called “not to exceed” limit and it’s a figure that caps the millage rate the city can levy on homeowners in order to create revenue. Historically, the not-to-exceed rate has never been implemented but it’s on the books anyway, just in case. At a special budget meeting last night Commissioners voted three-to-two to set 3.885 as the not-to-exceed millage rate. While the city can exceed that rate it cannot do so without notifying every homeowner by mail, which is more expensive than any rate hike is likely to be worth.
