The Pinellas County Board of County Commissioners on Thursday adopted resolutions approving the tentative millage (property tax) rates and budgets for Fiscal Year 2023. The Board will take up final consideration and approval of the rates and budget at its Sept. 22 meeting.
The tentatively approved budget ($2.5 billion for Operating, $876.4 million for Capital Improvements) reduces the millage rate for the second consecutive year. This is the first time in 35 years a consecutive rate reduction has occurred, with the rate dropping from 5.1302 mills in FY22 to 4.7398.
Conservative fiscal practices and new growth have allowed the County to meet key budgetary goals of strengthening access to behavioral health, increasing spending on road and bridge upkeep (by an additional $18 million), and creating a cultural plan that coordinates investments into the arts. The Penny for Pinellas fully funds projects promised as part of the original plan and is balanced for the remainder of its 10-year term.
To understand what the lower tax rate means, a homesteaded household with a taxable value of $300,000 would save just over $117 on the Countywide millage. This will vary from household to household and holds true on average.
Original source can be found here.
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