St. Petersburg property owners are getting their annual Truth in Millage (TRIM) notices, previewing for residents what they may pay in property taxes under the city’s proposed fiscal year 2027 budget.
And for some homeowners, the number may be higher. City Council set its maximum proposed millage rate at 6.4525 mills, unchanged from the current year. The rate now appears on the TRIM notices being sent to property owners throughout Pinellas County.
The notices are not tax bills. They show a property’s assessed and taxable values, exemptions and proposed rates from St. Petersburg, Pinellas County, the School Board and other taxing authorities.
One mill equals $1 for every $1,000 of taxable property value. St. Pete can collect more property tax revenue while leaving its millage untouched if taxable property values increase.
To wit: a property with $300,000 in taxable value would owe about $1,936 to the city at 6.4525 mills. That does not include taxes levied by the county, School Board or other authorities.
How much an individual property changes depends heavily on its assessment and exemptions.
Florida’s Save Our Homes provision limits annual assessment increases on homesteaded properties, meaning a longtime homeowner can have a considerably lower taxable value than someone who recently bought a similarly priced house. Rental properties, second homes and other non-homesteaded properties are treated differently.
But consider the rollback rate.The rollback rate is the millage that would generate roughly the same property tax revenue as the previous year from the existing tax base, with adjustments prescribed by state law. When property values increase, that rate generally falls.
St. Pete’s decision to maintain 6.4525 mills rather than move to the rollback rate allows the city to capture additional revenue generated by growth in taxable values without technically increasing the millage rate.
Council still has to approve the FY27 budget and millage during public hearings in September, and the 6.4525 mills appearing on TRIM notices represents the maximum rate the city has proposed heading into those hearings.
The notices also arrive as property taxes become an issue in St. Petersburg’s mayoral race. Mayor Ken Welch’s administration has proposed maintaining the 6.4525-mill rate, while challenger Charlie Crist has proposed cutting the city rate by 0.4 mills.
At $300,000 in taxable value, that reduction amounts to about $120 annually on the city portion of the property tax bill. At $500,000, it would amount to about $200.
But that debate will come after Council decides what taxpayers actually owe for FY27. The city is scheduled to adopt its final budget and millage rate in September, weeks before voters decide the mayoral race in November.