County property tax rates stay the same in new budget

The Pinellas County Commission approved a 2018 budget that keeps your property tax rate the same as 2016-2017.

The Tampa Bay Times reports:

The property tax rate, which is paid by property owners countywide, will remain at $5.30 per $1,000 in assessed taxable property value. That equates to $527.55 for an average homeowner whose property is valued at $100,000 with exemptions included.

The unincorporated area property tax rate, paid by owners whose property is not in one of the county’s 24 cities, will remain at $2.09 per $1,000, adding $208.75 to the bill. That rate has not changed since 2008.

But, with property values still climbing from an improved economy, most residents will end up paying more in taxes. But even as revenues rise, the commissioners and county administrator said they’re not going on a spending spree.

Instead, they are cautiously awaiting the result of a constitutional amendment the Legislature put on the 2018 ballot. If that measure passes, it would add a $25,000 homestead exemption on properties valued at more than $100,000. Florida’s homestead exemption would then become $75,000, costing counties millions in property tax revenue.

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