- October 11, 2024
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The city of Palm Coast's taxable property value has increased 12.49% since 2022.
This is the second year in a row that the city has seen a two-digit increase to the city’s taxable value. In July 2022, the assessed taxable value increased 19.52% from July 2021, the first time the value had increased that significantly since 2006.
In all, the city’s preliminary taxable property value is $8.6 billion, up from $7.6 billion in 2022.
The city must adopt a maximum millage rate by July 18. After that point, the council can set the millage lower than that maximum rate, but not higher, Alves said.
The taxable property value is the total assessed value minus exemptions, and determines the maximum and minimum millage rate that the City Council can levy on residents.
The City Council will adopt a millage rate based on the final certified value and the proposed budgets that city staff members present in council workshops in July and August.
The city’s current millage rate of 4.61 mills, or $4.61 per $1,000 in taxable value, was adopted in September 2021 for the 2022 fiscal year.
If the council keeps the same 4.61 rate for the 2024 fiscal year, the city will receive approximately $38 million in ad valorem tax revenue, a $4.2 million increase from the previous year. That 4.61 millage rate earned the city $33.8 million in ad valorem tax revenue for the 2023 fiscal year and $28.3 million in the 2022 fiscal year.
One of the City Council’s new priorities, approved by the council at its May 2 meeting, is for the city’s millage rate to be “revenue neutral for taxpayers,” bringing in as much money as needed for the budget, but not more.
City looks to add four-way intersection to Matanzas Woods Parkway
Palm Coast may buy four lots off Matanzas Woods Parkway as part of a project to realign the road and add an intersection with Bird of Paradise Drive and Luther Drive.
Bird of Paradise Drive ends at Matanzas Woods Parkway in a T-intersection. City staff proposed that the city make that a four-way intersection with Matanzas Woods, Paradise Drive and Luther Drive to reduce traffic problems, Palm Coast Land Management Administrator Virginia Smith said.
Luther Drive would be shifted to connect to Bird of Paradise Drive, Smith said, and the current location would be closed.
The city would need to purchase the four lots and one easement to make the change, Smith said. Each lot would cost $60,000-$80,000, Director of Stormwater and Engineering Carl Cote said, and the cost could rise if the city delays the purchase.
Cote said that the purchases would be funded with impact fee money.
Smith and Cote sought the City Council’s permission at the June 13 meeting to buy two of the four lots: 266 Bird of Paradise Drive, at its $79,000 appraised value; and 6 E. Ludlow Lane, at $56,000. The city would also need to pay $2,000 in closing costs for each property.
Smith said city staff expects to bring proposals for buying the other two lots — 264 Bird of Paradise Drive and 8 E. Ludlow Lane — before the City Council at upcoming council meetings.
