Palmetto Bay property owners face a higher village tax bill starting Oct. 1 after the Village Council approved a millage rate of 2.3890 per $1,000 of assessed value.

The rate is 9.98% above the rollback rate of 2.1722, the level that would generate the same property tax revenue as the prior year. The council voted at its second and final budget hearing Wednesday, Sept. 23, at Village Hall, 9705 E. Hibiscus St. The village confirmed the approval the following day.

Individual council member votes were not available as of publication. Meeting minutes have not yet been posted.

The adopted rate also marks an increase from the 2.3500 millage proposed at the first budget hearing Sept. 14. That earlier figure was 8.19% above rollback. No explanation for the jump between hearings appeared in available village records.

Tax levy impact

The village projects the new rate will generate a property tax levy of $12,289,568 for the fiscal year running Oct. 1, 2026, through Sept. 30, 2027. Last year's actual levy was $11,130,341, a difference of roughly $1.16 million.

Ad valorem tax revenue flowing into the General Fund is projected at $11,810,089, according to the official budget hearing notice.

Budget totals

Total expenditures across the General Fund, Special Revenue Fund and Capital Project Fund come to $38,756,769. That is 9% more than last year's total operating budget. On the revenue side, total revenues, transfers and fund balances for the fiscal year are listed at $56,380,020 across all funds.

The General Fund alone dedicates $12,630,500 to public safety and $3,915,115 to parks and recreation.

Finance Director Desmond Chin prepared the budget ordinances, which were sponsored by the village administration.

How to review the budget

The village posted the full FY 2027 Operating & Capital Budget for public review online around Sept. 1, ahead of both hearings. Adopted budgets are also on file at the Office of the Village Clerk at Village Hall.

The hearing was held in a hybrid format. Residents who missed it can watch the recording through the village's Granicus video archive. The meeting was also streamed on Facebook, YouTube and GoToWebinar.