by James Coulter
Homeowners in Lake Wales may soon pay higher property taxes, now that city commissioners have given their preliminary approval to increase the interim millage rate.
At their regular meeting on Tues. July 14, 2025, Lake Wales city commissioners voted unanimously to approve the Polk County property appraiser’s certification of taxable value for 2025.
They also voted to approve setting the interim millage rate and the dates for the public hearings to adopt the final millage rate and the FY25’26 budget.
Since the 2024 certification, the taxable value of Lake Wales has increased to $144,469,003, 11.67% above 2024’s final gross taxable value of $1,237,434,449. This increase will provide $1,322,637,537 for the City’s gross taxable value for operating purposes.
As such, the City is recommended to set the interim millage rate at 8.0462 mills, which is greater than the rolled-back rate of 6.6772 mills by 20.50%. The City’s current millage rate is 7.0462.
Under the new rate (8.0462), the City is estimated to generate $9,737,168, a difference of $1,381,904 from the amount generated under the city’s current rate (7.0462), which is estimated to generate $9,737,168.
Deputy Manager Robin Gibson commended the finance office for a “job well done” with the city’s current budget.
The required public hearing for the final millage rate will be held on Wed. Sept. 3. The meeting for the adoption of next fiscal year’s budget will be held on Tues. Sept. 16.
