St. Petersburg TRIM Notices Explained Clearly

TRIM notices reached St. Petersburg homes with a confusing pattern: some owners saw market values fall while property taxes still increased, raising questions about calculation.
Florida property taxes use market, assessed, and taxable values. Market value reflects Jan. 1 worth, and taxable value applies after exemptions are removed.
A property's market value can fall even as its capped assessed value rises. That catch-up effect, often called recapture, can still lift taxes.
This does not happen to every property. In Florida, some non-homestead homes face a ~10% cap, while homesteaded properties follow a lower limit.
In St. Petersburg, final tax bills depend on millage, not taxable value alone, and the city rate was up for a local council vote.