City proposes significant tax rate reduction and ambitious budget plans

During a recent government meeting, officials from the city of Port Saint Lucie discussed the proposed budget for the upcoming fiscal year, highlighting key tax rates and capital improvement projects. The proposed budget allocates nearly 26% to an ambitious capital improvement plan, which includes significant infrastructure projects such as the widening of Floresta Road, multimodal enhancements on Bayshore Boulevard, and various park developments.

The meeting also addressed the city's Ad Valorem tax structure. The rollback rate, which is the millage rate that would generate the same revenue as the previous year, is set at 4.3413 mills, with a proposed operating millage of 4.6807 mills. This represents a slight reduction from the current year's rate of 4.7057 mills. The total millage rate, including debt service, will be 5.0550 mills, reflecting a 7.82% increase over the rollback rate.

City officials emphasized their commitment to reducing tax rates, noting that this marks the ninth consecutive year of rate reductions. They contrasted this with the state’s sales tax, which has not seen a reduction despite rising inflation. The mayor pointed out that while property owners may see an increase in their tax bills due to property value growth, the city's incremental approach to tax reductions has positioned Port Saint Lucie as one of the lowest taxed cities among Florida's top 20 cities.

The city plans to hold a second public hearing on September 23rd to finalize the millage rate and budget ordinance, following the mandated public notice process. The proposed budget totals approximately $851 million, which includes funding for essential services and community development initiatives.