Port St. Lucie - Thursday September 21, 2023: The Port St. Lucie City Council will soon finalize the budget for the upcoming fiscal year; however, before they do, residents are invited to visit City Hall to speak with City staff at the final budget hearing if they have any questions.
The final budget hearing will take place this coming Monday, September 25, from 5 p.m. to 6 p.m. at PSL City Hall, 121 SW Port St Lucie Blvd Building A.
Members of the staff from the City and the St. Lucie County Property Appraiser’s Office will be on hand to answer questions and provide clarifications to the tax bills residents recently received. Most are facing higher taxes, some substantially higher than last year.
At last week's City Council meeting a number of residents turned out to voice strong objections over the increase in their taxes compared to last year.
After addressing questions from residents who attend next Monday's meeting, the City Council will vote on the final budget.
Ahead of the final budget hearing, the City has provided the following information to help residents better understand why their taxes went up after the milliage rate went down.
What is your proposed millage rate decrease?
• For the last 7 years, your City Council has reduced the City’s millage (property tax) rate, the only part of the overall property tax bill that the Council controls. If approved for the 8th consecutive year, the homeowner of an average assessed property is saving $245 cumulatively on taxes over 8 years.
• PSL has the third lowest municipal property tax rate, compared to the top 20 largest cities in Florida.
• The City does NOT control property values, which is what your property tax bill is based on. The City is proposing a decrease in the city’s tax rate for the 8th consecutive year in a row. Overall, the total taxes will increase slightly because of the rise in property values.
• Property values are rising as Port St. Lucie continues to grow as a desirable place to live.
• With the proposed millage rate decrease, a PSL homeowner with a median value of $221,661, less a $50,000 Homestead Exemption, would pay $17.05 more this year because of the rise of property values.
Did you know?
• About 22% of your property taxes go to the City of Port St. Lucie, while approximately 78% of your tax dollars go to 14 other taxing agencies in St. Lucie County.
• The City’s proposed budget will continue its debt reduction strategy, resulting in a reduction of 40% (or over $400 million) in 14 years; this is a cost savings for the City and residents.
• Due to inflation, the cost of capital projects (infrastructure) has increased by 40–60%. PSL is a growing community and a newer city which requires funding for increased transportation, infrastructure, safety, and quality of life needs that our citizens expect and deserve. We are working to implement these priorities based on resident feedback in the National Community Survey and the annual #IamPSL Citizen Summit.
• The City secured over $50 million in grants, last year, to help fund projects.
• Your property value is assessed annually by the Saint Lucie County Property Appraiser. There are several exemptions available, like Homestead Exemption, that can keep your tax bill as low as possible.
• For existing homeowners that are homesteaded, the assessed value of your property will increase by the Consumer Price Index inflation, or a maximum of 3%.
• For new homeowners, your tax bill is based on new assessed values calculated after the purchase of your property. Therefore, your assessed values and taxes will be different than those of the prior owner.
Learn more about the City’s budget at www.CityofPSL.com/Budget and Port St. Lucie’s taxes at www.CityofPSL.com/Taxes.