ST. PETERSBURG — The City Council last week passed the 2020 budget, leaving the city’s property tax rate unchanged.
The city will collect $6.76 in tax per $1,000 of assessed, taxable home value. That rate is the same as this year, and has remained unchanged since 2017. It means a homeowner with a house assessed at $250,000 with $50,000 in homestead exemptions would pay $1,352 in city property taxes.
The tax rate is projected to bring in more than $135 million in property tax revenue for the city, which is about $11.7 million more than this year. With the rising property values, most property owners will see an increase in their bills, even with the same rate.
Much of that additional $11.7 million will go toward raises and benefits for city employees, which number about 2,900 full-time. The remaining additional revenue will cover 13 more police officers, affordable housing funding, money for sustainability and resilience, an increase in arts funding and money for economic development.
The total city’s total budget for fiscal year 2020, which Oct. 1, is expected to be about $639 million.