Vero Beach residents may see a greater than expected increase in their property taxes this fall after the City Council unanimously approved a tentative millage rate that would increase the current rate by the maximum to fund additional staffing and growing personnel costs.
The council voted 5-0 last week to set a not-to-exceed property tax rate of 2.9816 mills – or $2.98 per $1,000 of taxable value – a 7.7 percent increase over the current rate of 2.76 mills. Coupled with a nearly 6 percent rise in property values, the higher rate would generate about $1.75 million more in property tax revenue compared to 2024.
For a home with a $500,000 taxable value, the proposed rate would mean an additional $106.80 in city taxes next year…