- May 5, 2024
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The Palm Coast City Council unanimously approved a maximum millage rate of 4.5 mills, or $4.50 per $1,000 of taxable value, for the 2013-2014 fiscal year.
City officials reiterated Tuesday that this is the maximum rate, and that it could come down before final approval in September.
According to Finance Director Chris Quinn, Palm Coast’s current millage rate of 4.2958 mills is the third lowest in the state among cities with a population between 60,000 and 90,000.
If the City Council were to use the 2014 rolled-back rate of 4.2705 mills, about $15.208 million in taxes would be collected, according to city documents. Under the current millage rate (4.2958 mills), about $15.120 million in taxes are being collected.
Taxable property values within the city are up by about 1.012%.
Under the proposed Truth in Millage rate of 4.5, the city would generate about $16.025 million in taxes. That would give the City Council about $700,000 in “leeway” as it goes through the complete budget, Quinn said Tuesday.
The first public budget hearing is set for 5:05 p.m. Wednesday, Sept. 4, at the Community Center, 305 Palm Coast Parkway N.E.
MILLAGE RATE HISTORY
Year Property values Total Millage Taxes collected
2010 $5,246,998,187 3.1500 $17,828,406
2011 $4,463,085,550 3.5000 $15,048,300
2012 $3,891,594,126 3.5400 $15,000,700
2013 $3,646,122,021 4.1502 $15,120,750
