The Pinellas school district proposed a $1.35 billion budget Thursday, with an ever-so-slight decrease in the property tax rate.

The district is proposing a new rate of $8.34 for every $1,000 of taxable property value, down from last year’s rate of $8.35. The owner of a home with a taxable value of $175,000 after exemptions would pay $1,459.50 – $1.05 less than a home with the same taxable value last year. But with Pinellas property values down by 9.3 percent, the proposed rate will bring in $56.6 million less than last year.

The proposed rate includes the same, additional 25 cents for every $1,000 of taxable property value that the board approved last year. The Legislature gave school boards the power to raise the additional revenue, assuming a super-majority of board members approved the increase. The Pinellas school board indicated last month that it intends to do that.

The proposed budget also includes $35.9 million in federal stimulus money, which will run out at the end of the 2010-11 school year and is not expected to be replaced.

The first of two budget hearings is set for Tuesday at 7 p.m.

Here's a memo and a power point that accompanied today's budget release.