County property appraiser reveals rising taxable values and proposes millage rate adjustments

Hillsborough County's Board of County Commissioners unveiled key insights during the 2026 Budget Workshop, revealing a slight uptick in property values and a strategic millage rate adjustment aimed at balancing service demands.

The property appraiser reported a countywide estimated taxable value increase of 6.5%, surpassing expectations of 6.3%. In the unincorporated areas, the growth was slightly lower at 6.05%, reflecting a deceleration from previous highs of 15%. This trend is attributed to ongoing inflation and elevated mortgage rates, which continue to impact the housing market.

For the fiscal year 2025, the county's millage rate stands at 5.6025%, significantly lower than historical peaks. The board proposed a millage swap for FY 2026, reducing the countywide rate by 0.1 while increasing the unincorporated rate by the same amount. This adjustment aims to address service delivery challenges in unincorporated areas, resulting in a net tax savings of approximately $7.3 million for city parcel owners.

Additionally, the board noted the elimination of a debt millage for parks in the unincorporated area, further easing the tax burden on residents. For homeowners with an assessed value of $350,000, this translates to a $30 decrease in property taxes.

The county maintains a strong financial position, with combined reserves projected at 23% for FY 2026, slightly below the current 23.8%. This stability is crucial for sustaining the county's AAA rating, one of fewer than 50 nationwide.

As Hillsborough County navigates these financial adjustments, the focus remains on balancing growth, service demands, and fiscal responsibility, ensuring a sustainable future for its residents.