- April 28, 2024
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The Palm Coast City Council on Wednesday unanimously adopted a tax rate of 4.2705 mills, or $4.27 per $1,000 of taxable value, for the 2012-2013 fiscal year.
The proposed millage rate is the rolled-back rate, which means the city will collect the same amount of money during the upcoming budget year despite an increase in property values by 1.012%, according to city officials.
Under the rolled-back rate, the city will generate $15,208,447. Last year, with the rate set at 4.2958 mills, the city generated $15,120,750.
The city also adopted a budget of about $137.12 million at Wednesday’s meeting, with an audience of just a few residents. The proposed budget is a slight decrease from last year’s budget. There will be about $14.5 million in interfund transfers and charges, and so the total budget for the city will be about $122.65 million.
The general fund accounts for approximately $26.86 million of the budget.
The proposed millage rate is about a 0.0253 mill decrease from last fiscal year’s budget.
The 2013-2014 fiscal year begins Oct. 1.
