Happy Wednesday!

The heat wave hasn’t slowed down the economy in our area one bit.

This week we’ve got a proposed tax increase for infrastructure improvements, new developments in north Pasco, and high rankings for hybrid workers looking to call Tampa home.

Enjoy!

—Sean

📈 Mayor Castor proposes Tampa's first property tax rate hike in 30 years

Driving the news: Mayor Jane Castor unveiled a proposed $1.92 billion budget last week, recommending a 16% property tax rate increase for Tampa homeowners.

The new budget, if passed, is projected to inject approximately $45 million annually into the city's general revenue fund.

Why it matters: This marks the city's first property tax rate increase in three decades. Castor aims to use the additional revenue to address housing, public transportation, and public safety concerns in Tampa.

Details: Under the proposed rate, homeowners would pay $7.21 for every $1,000 of assessed, taxable value.

In practical terms, for a typical Tampa homeowner with an assessment of $281,495 (and factoring in a homestead exemption), this translates to an extra $19.29 per month.

By the numbers: A detailed breakdown of the proposed investments includes:

• A boost of over $9 million to both the Tampa Police Department and Tampa Fire Rescue, enabling more officers on the streets and the acquisition of new vehicles.
  

• An additional $5.7 million to be directed toward enhancing conservation efforts, athletic facilities, and pools.
  

• An earmarked $9.1 million specifically for housing.

The drawbacks: Tampa's new rate would surpass those in Orlando and St. Petersburg, a significant point highlighted by the Tampa Bay Times. It's an ambitious move, especially considering Tampa is grappling with escalating property insurance costs and the nation's highest inflation rates.

What they're saying: Highlighting the broader vision, Castor mentioned, "This increase will not only be about investing in the physical infrastructure but also investing in the infrastructure of people."

She also emphasized the spirit of collaboration, stating, "It will be about working together to tackle our greatest challenges and coming together to celebrate our greatest successes."

The big picture: This proposal isn't just about tax rates. Castor has previously drawn attention to pressing issues in Tampa, notably road fatalities and intense traffic congestion.

Her budget aims to triple transportation spending, heavily invest in road repairs, and fill gaps where sidewalks are currently missing.

What’s next: A decisive moment awaits in September when the Tampa City Council will cast their votes on Castor's budget. Currently, public hearings are slated, allowing the community to voice their opinions.

The bottom line: Mayor Castor's bold budget proposal is aimed at revitalizing Tampa's infrastructure—both physical and social.

As with all major decisions, it carries potential risks and rewards, and the coming months will determine its fate and impact on Tampa's residents.

 👷 557-acre development proposed in Pasco’s Shady Hills

Driving the news: A new development has been proposed in Shady Hills that would bring a mix of offices, retail, light industry, townhomes, apartments, and even a retirement community to the area.

Details: The development, known as the Greenfields/Del Webb River Reserve, would be located on 557 acres of land east of the Suncoast Parkway and north of Shady Hills Road.

The developer, Parkway Hills LLC, has proposed building 21,000 square feet of offices, 32,000 square feet of commercial and retail space, and 160,000 square feet of light industry, along with 40 townhomes, 435 apartments, and a retirement community with 730 homes.

Economic impact:

• The proposed development would bring 1,245 new homes to the Shady Hills area.
  

• The development would generate an estimated 3,000 new jobs.
  

• The development would generate an estimated $100 million in new tax revenue for the county.

Why it matters: The proposed development is part of a larger trend of growth in the Shady Hills area. In recent years, the area has seen a number of new industrial and commercial developments.

The big picture: Shady Hills residents have raised concerns about the impact this project would have on the community's character and quality of life.

Residents are worried about increased traffic, noise, and light pollution. They are also concerned about the impact the development would have on the area's schools and infrastructure.

What's next: The Pasco County Planning Commission is scheduled to hear the proposed development on August 23.

The commission will make a recommendation to the Pasco County Board of County Commissioners, which will have the final say on whether to approve the development.

The bottom line: The proposed development is a major test for the county's planning and zoning process. The county will need to balance the needs of the developer with the concerns of the Shady Hills residents.

The outcome of this case could have a significant impact on the future of growth in the Shady Hills area.

🏆 Tampa ranks among the top three cities for hybrid workers

Driving the news: A new study by CommercialSearch found that Tampa is one of the top three places to live for hybrid workers.

Details: The study looked at data on more than 70 U.S. cities and compared them across several relevant indicators such as:

• hybrid jobs on the local employment market

• the coworking scene

• broadband coverage

• housing affordability

• quality of life

Tampa ranked No. 3 overall, with hybrid job listings and coworking spaces increasing since 2020.

Why it matters: The study highlights Tampa's growing appeal as a destination for hybrid workers.

The city offers a strong economy, a diverse range of industries, and a variety of amenities that are attractive to remote workers, such as a vibrant downtown, a mild climate, and plenty of outdoor activities.

The big picture: The study points to a larger trend of businesses moving away from traditional office-based work models and embracing hybrid or remote work arrangements.

What's next: The study predicts that the demand for hybrid work will continue to grow in the years to come. This trend is likely to benefit Tampa, as the city continues to develop its infrastructure and amenities to support a growing hybrid workforce.

The bottom line: The study's findings are good news for Tampa's economy. The city is well-positioned to attract and retain talent in the post-pandemic world.

📊 Our Current Local Market Data: 

Homes in Pasco and Tampa are still in high demand because inventory is so low.

In a seller's market like this, you are going to need a solid strategy for your home search to find the best property at a price that works for you.

If you ever have questions, don’t hesitate to ask.

If you’re curious how much your home could sell for now, then reply “What’s my home value” or you can get an estimated value here.

Or if you’re just curious about how the current market affects your situation & what’s going on in your specific neighborhood, just reply & ask.

📰 In Other News:

• City of Tampa opens cooling centers amid excessive heat warnings across Florida

• Forecasters Changing Their Predictions For Hurricane Season

• Tampa is in the running for Frontier Communications headquarters

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

• a custom market or home value report

• a home services list for a reliable contractor or services professional

• feedback or a professional opinion on a home project

Just let me know! We’re here to help with all your home needs.

Talk soon,

- Sean, the Bello Home Team 

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