During a recent public information session, Pinellas County Property Appraiser Mike Twitty warned that many residents are seeing higher property taxes even though their homes have lost market value. The confusion stems from the Truth in Millage (TRIM) notices that the appraiser’s office mailed to property owners across St. Petersburg.
How Florida’s assessment caps work
Florida property taxes are calculated using three figures: market value (the appraiser’s estimate of what the home is worth on Jan. 1), assessed value (the figure used for tax purposes) and taxable value (assessed value after exemptions). For non‑homestead properties, the assessed value is limited by a 10% cap; homestead properties are protected by the Save Our Homes law, which caps annual increases at roughly 3% or the CPI, whichever is lower.
Because of these caps, a property’s market value can decline while its capped assessed value continues to rise. In the example shown on a Pinellas TRIM notice, a home’s market value fell from $215,319 in 2025 to $171,917 in 2026 – a drop of more than 20%. Yet the assessed value used for city and county taxes rose from $64,423 to $70,865, an increase of nearly 10%.
What “recapture” means for homeowners
This phenomenon is known as “recapture.” When a property’s market value drops, the capped assessed value may still climb because it is trying to catch up to the market figure within the limits set by law. For a home worth $300,000 with a capped assessed value of $150,000, a market‑value decline to $270,000 could still allow the assessed value to rise to $165,000, resulting in a higher taxable base even as the home loses equity.
Homestead owners are not immune. Although the Save Our Homes benefit limits assessed‑value growth, a long‑time homeowner whose assessed value remains well below market value can still see taxes increase while the market value falls.
Impact on the upcoming millage vote
Taxable value is only part of the final bill; the millage rate – the amount of tax levied per $1,000 of value – also determines what homeowners pay. In St. Petersburg, the millage rate is slated for a vote tonight at the City Council session. Residents who received TRIM notices should watch the council’s decision, as a higher millage could compound the effect of rising taxable values.
Twitty summed up the market trend, noting that Pinellas County lost $5.5 billion in overall aggregate market value, adding, “the worm has turned there.” While the market correction is real, the assessment caps ensure many taxpayers will still see higher bills.
What homeowners can do
Property owners who feel their TRIM notice is inaccurate should contact the Pinellas County Property Appraiser’s office for a review. Understanding the difference between market value, assessed value and taxable value can help residents anticipate future tax bills and plan accordingly.
Original reporting: St. Pete Catalyst — read the source article.
