Navigating Property Tax Changes in Tampa Bay for 2023

As Tampa Bay counties brace themselves for significant property tax adjustments, many homeowners may find themselves grappling with increased tax bills due to rising assessed values. Despite various counties witnessing double-digit increases in property assessments, some local governments are not substantially lowering property tax rates. Here’s a comprehensive look at the projected changes and essential details to help residents understand what to expect.

Overview of Property Value Increases

Notable Increases

Pasco County stands out with a 16.7% rise in taxable property values this year, which already reflects the impact of Florida’s “Save Our Homes” provisions. This increase means that if the county maintains its tax rate, it could see an additional $87.6 million in revenue compared to last fiscal year.

Key Insights:

• Pasco County: Taxable property values up 16.7%.
• Projected New Revenue: $87.6 million.

Understanding Your Property Taxes

What Are Millage Rates?

Millage rates are crucial in determining your property tax obligations. They represent how much you’ll owe for every $1,000 of your property’s assessed value. Specifically:

• One mill equals one-thousandth of a dollar.
• For example, in 2021, Tampa’s millage rate was 19.71, meaning homeowners paid $19.71 for every $1,000 of taxable property value.

Components of Millage Rates

Millage rates comprise several components:

• County Levy: Set by county commissioners, this levy funds essential services like public safety, road maintenance, and public utilities.
• School Levy: Determined by local school boards to support educational initiatives.

For a breakdown of millage rates, including Hillsborough County’s rates, visit Hillsborough County Property Appraiser.

Important Timelines for Tax Decisions

Summer is a pivotal period for local governments as they finalize tax rates:

• City of Tampa: Mayor Jane Castor will present her budget on August 4.
• Hillsborough County: The proposed county budget will be unveiled on July 20. A critical school levy referendum, known as "Strong Schools, Stronger Hillsborough," will be on the ballot for August 23.

Proposed Changes in Significant Areas

1. City of St. Petersburg:

   • Proposed reduction in the city millage rate from 6.66 to 6.53 for the 2023 fiscal year.
   • Expected increase in revenue by $20.5 million due to rising property values.

2. Pinellas County:

   • Presentation of the county budget on July 19 includes a 0.4 mil decrease from the current rate.
3. Pasco County:
   • The commission approved the proposed millage rate despite a property tax rate increase of about 7 cents per $1,000 in value.

County-Specific Updates

Polk County

• Tax Rate: Slight decrease from 6.9 to 6.7.
• Expected Additional Revenue: $45 million from a 17.75% increase in property values.

Sarasota County

• Proposal to increase the general operating millage rate, although the total levy may decrease by about 1 cent per $1,000.

Manatee County

• County property value increased by 18%. The millage rate was reduced slightly, but taxpayers still face higher bills.

City of Lakeland

• The local government is considering increasing the tax rate to fund nearly $3 million in public safety initiatives.

Conclusion

With proposed tax adjustments across the Tampa Bay region, homeowners should brace for potential increases in property tax bills, even in counties planning slight reductions in millage rates. Staying informed about local decisions, attending public hearings, and understanding the implications of the proposed changes will empower residents to navigate this evolving landscape effectively.

For more details on how property taxes work and strategies to manage your tax obligations, refer to comprehensive resources such as the Florida Department of Revenue.