Lake Wales Commissioners Set Higher Millage Rate as Taxable Value Surges 20% Ahead of Budget Talks
by James Coulter
Lake Wales residents may see higher property tax bills next year as the city’s taxable value has climbed nearly 20 percent, a surge that sets the stage for upcoming budget discussions.
At their regular meeting in late July, Lake Wales commissioners voted unanimously to approve the Polk County Property Appraiser’s certified taxable value and set the interim millage rate, along with the dates for public hearings where the rate will be finalized.
According to the 2026 Certification of Taxable Value, Lake Wales’ gross taxable value has risen to $1,665,970,001, an increase of 20.48 percent over last year’s total $1,382,807,496. This sharp rise reflects a surge in new construction, ongoing annexations, and a wave of commercial and residential development that has expanded the city’s tax base.
Lake Wales has experienced one of the fastest growth rates in Polk County, with more than $187 million in new property valuations added within city limits over the past year, including the construction of thousands of new single‑family homes, according to data reported by Lake Wales News.
The city has also been actively annexing adjacent land, a strategy that directly increases taxable value by bringing new parcels and future development opportunities into city limits. One major annexation brought in approximately 558 acres north of State Road 60 into the city. That site is the proposed location of Lake Wales Commons, a mixed-use development project estimated to build 3,200 new housing units.
To align with the increased taxable value, commissioners approved an interim millage rate of 8.0462 mills, a six‑percent increase over the rolled‑back rate of 7.5907 mills. The rolled‑back rate represents the rate that would generate the same amount of revenue as last year; anything higher results in increased revenue for the city and higher tax bills for residents.
Under the proposed rate, a homeowner with a taxable value of $150,000 would pay approximately $1,207 in city property taxes, about $68 more than a bill under the rolled‑back rate. Meanwhile, a homeowner with a taxable value of $250,000 would pay about $2,012, an increase of roughly $114.
City staff estimates ad valorem revenue at 97 percent of the total levy, accounting for early‑payment discounts and delinquent taxes. The final adopted millage rate may be lower than the interim rate, but it cannot exceed it.
The city’s budget hearings have been scheduled for Wed., Sep. 9, 2026, and Tues., Sep. 22, 2026.
