"As a result of these revised numbers, Mayor John Peyton will propose to the Jacksonville City Council a 9.50 millage rate for the upcoming fiscal year, an increase over the current year of 1.02 mills," a statement from the Mayor's office says. Last week, Peyton proposed a millage rate increase of 1.2 mills; the first Duval County millage rate increase in 17 years.

The Mayor's office estimates the proposed property tax rate hike will cost the average homeowner an extra $97 next year.

Peyton is trying to make-up a $170 million budget shortfall this year, a hole created by property tax reform in Tallahassee, increased pension payments and significant less in sales and property tax collections amid a global economic downturn.

In addition to the property tax rate hike, Peyton's "Fix it Now" plan includes Fire and Police Pension Fund reforms to lower the city's obligation and about $40 million in spending cuts.

Among the cuts being considered are wage freezes and furloughs for city employees and the elimination of dozens of city positions.

Peyton will present his budget proposal to City Council on July 13. Two weeks later, lawmakers are scheduled to approve a millage rate for the fiscal year beginning October 1.

Listen to WOKV during Sean Hannity and Clark Howard for more on the Mayor's revised property tax plan and hear reaction to the proposed property tax hike tomorrow on Jacksonville's Morning News beginning at 5 a.m.