- November 27, 2024
-
-
Loading
Loading
The Palm Coast City Council unanimously approved a property tax reduction and the city's $357.7 million fiscal year 2024 budget on Sept. 20.
The 2024 fiscal year property tax rate will be 4.2570 mills, or $4.2570 per $1,000 in taxable property value — down from 4.6100 mills in the 2023 fiscal year. The fiscal year 2024 budget and millage will be in effect from Oct. 1, 2023, to Sept. 30, 2024. The Sept. 20 vote was the council's second and final vote on the fiscal year 2024 budget and property tax rate.
“We have now reached the end of what has been a six-month process,” Mayor David Alfin said. “City staff … we could never get to this point without each and every one of you.”
The council decided to adopt the rolled back millage rate in July, reducing the budget by $2.8 million from an earlier proposed budget based on the 2023 millage rate of 4.6100 mills. The rolled back rate is the rate that would generate the same dollar amount of tax revenue as the preceding year's rate generated. Ad valorem taxes account for 63% of the city's General Fund revenue, totaling $35.2 million.
Alfin asked Financial Services Director Helena Alves when the city had last adopted a budget using a rolled back millage rate. Alves said that while the city has decreased the millage rate before, she did not know off the top of her head if a full rolled back rate had ever been adopted.
“I was just curious if this is that historic moment or not,” Alfin said.
Despite the rolled back rate, the city’s budget increased 9% from the budget adopted in 2023, Alves said at the Sept. 7 meeting. Property values in Palm Coast have increased 12.49% since 2022, the second year in a row Palm Coast has had a double-digit increase in property values.
The city’s overall taxable property value is $8.6 billion.
The council was required to hold two public meetings and two votes on the budget and millage rate. The first vote was held on Sept. 7.
