ISLAMORADA -- The Village Council will hold its first budget workshop for the upcoming fiscal year on Tuesday, July 22.
An initial draft of the town's 2014-15 daily operating budget will be released Thursday, July 17, in preparation for that meeting, Village Manager Maria Aguilar said.
The Monroe County Property Appraiser's Office has assessed the taxable valuable of property within the village this year at $2.67 billion, up 4.8 percent from last year.
Aguilar said her target is to keep the tax rate in the coming year at this year's figure of $253 per $100,000 in assessed value.
Leaving the rate unchanged would generate an estimated $225,000 more in property tax revenue than the $6 million the village collected this year.
At the meeting next Tuesday the council will set a maximum tax rate for 2014-15. The board will be able to lower that rate prior to final passage of the budget in September.
The council will also convene on July 24 to discuss special fund budgets, including next year's budget for wastewater construction and operations.
The 2014-15 fiscal year begins Oct.1.