Economic Development Done Right

The Retail Economic Development Blog pointed out this interesting piece in the St. Petersburg Times talking about how the area's economic development efforts are paying off through increased taxes.

Like the rest of Florida, property values have grown dramatically in this small city just west of Westchase. But tax rolls suggest Oldsmar has doubled its property tax revenue since 2001 to $5-million.

"It's the kind of company that I think every city would love to have," City Manager Bruce Haddock said. "It's high tech. Their average wages are certainly above the average wage for Pinellas County, probably the Tampa Bay area and state of Florida."

The runup in real estate values has fueled another significant trend in Oldsmar's tax base: Taxes from single-family homes are paying less and less of the city's property taxes. That underscores the outcry that is prompting state lawmakers in Tallahassee to consider changing how cities and counties collect and fund their programs.

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