Seminole property owners won’t see an increase in the city’s tax rate next year. The City Council voted unanimously to hold the rate at 2.4793 mills for fiscal year 2027 — the 20th consecutive year the rate has gone unchanged — and accepted an audit that found the city in sound financial shape.
Florida property taxes are figured in millage rates, with one mill equal to $1 for every $1,000 of a property’s assessed, taxable value. At 2.4793 mills, the owner of a home assessed at $200,000 after exemptions would pay $495.86 to the city.
The vote sets the maximum rate that will appear on the Truth in Millage notices mailed to Pinellas County property owners in August. The council can lower the rate at its final budget hearings later in the summer, but it cannot go higher without mailing new notices to every property owner in the city.
“Pretty clear cut,” Mayor Leslie Waters said. “That’s good to know that we are staying at 2.4793, 20 years in a row, keeping the same ad valorem tax rate.”
The two required public budget hearings are set for 6 p.m. Sept. 9 and Sept. 23.
The council turned next to the audit. Peter Schatzel, a certified public accountant with Wells, Hauser & Schatzel, presented the city’s annual comprehensive financial report for fiscal year 2025 and told council members that Seminole carries no long-term debt and earned an unmodified opinion — the highest assurance an independent auditor can give.
“From a financial point of view, the city is in sound financial condition,” Schatzel said. “We found the city’s accounting records to be accurate as part of our audit.”
When the fiscal year closed Sept. 30, 2025, the city held an unassigned general fund balance of $12.17 million, or roughly 5.6 months of operating costs — a cushion auditors called prudent for emergencies or an economic downturn. General fund revenue exceeded spending by $1.37 million for the year.
Of the city’s total cash and investments, $23.2 million is restricted by law to specific uses, including nearly $21 million in Penny for Pinellas sales tax revenue reserved for capital and infrastructure work.
Capital spending totaled $4.76 million. The largest outlays were $2.2 million toward a new fire department ladder truck, $1.1 million for three stormwater drainage projects aimed at flood prevention and $330,000 for road resurfacing, along with upgrades to emergency vehicles and public works equipment.
Auditors also reviewed the city’s compliance with municipal codes and its internal accounting controls and found no violations or material weaknesses, Schatzel said. The council voted unanimously to accept the audit.
“It’s always nice to have a good report like this,” Council member Ray Beliveau said.
Waters credited department heads for the result.
“We have a city manager that’s on top of this all year round, and all our department managers manage their own budget,” she said. “Everybody does a great job.”