City Council Proposes Tax Relief Amid Rising Property Values

During a recent government meeting, officials discussed the implications of property tax assessments and the ongoing impact of the \"Save Our Homes\" law on local homeowners in Port Saint Lucie. The law caps the increase of assessed property values at 3% annually, which has significant implications for tax bills.

City officials highlighted that while property values have surged—more than doubling from $196,000 in 2016 to $399,000 today—millage rates have decreased by 23% over the same period. This reduction has resulted in an average savings of approximately $247 for homeowners over the past nine years, with the current proposed millage rate offering an additional $22 in savings for the upcoming fiscal year.

The meeting also addressed the disparity in tax bills between long-term homeowners and new buyers. For instance, a property that was assessed at $198,000 last year resulted in a tax bill of $770 for the previous owner, while a new homeowner purchasing the same property would face a tax bill of $1,621 due to the current market value assessment. This difference underscores the challenges faced by new homeowners who do not benefit from the same tax caps as previous owners.

Officials emphasized the importance of understanding the \"Save Our Homes\" program and the concept of portability, which allows homeowners to transfer their tax benefits when moving. They noted that many residents are unaware of these options, which can significantly affect their tax liabilities.

The discussion concluded with a reminder that the city of Port Saint Lucie only accounts for 21% of the total tax bill, with other factors influencing overall tax increases. City officials reiterated their commitment to reducing the millage rate incrementally, aiming to alleviate the financial burden on residents while navigating the complexities of property tax assessments.