On Monday, September 25, the Atlantic Beach City Commission approved the roll-back rate of 2.8410 mills for the FY23-24 millage. This means property owners will not see an increase in the amount of property tax dollars that will go to the City of Atlantic Beach.
Highlights of the approved budget are:
- The total assessed value of property in Atlantic Beach increased by $232,095,007 or 9.8% over last year. This includes $21,481,184 in new construction.
- The City’s total budget is $59,146,295. The budget is $2,413,217 or 4.3% higher than the current year.
- The General Fund budget is $18,696,633. Revenues and expenditures increased by 2.5% over the current year.
- Property taxes represent 39% of the General Fund revenues.
- The Public Safety function — which includes Police, Fire, Ocean Rescue and Animal Control — is 44.8% of the expenditure.
- A homeowner in Atlantic Beach with a home value of the median $435,400 with a homestead exemption of $50,000 will pay approximately $6,552 in property taxes. The portion for Atlantic Beach is approximately $1,042 or 15.9%.
To view the approved budget, visit www.coab.us/FY24Budget.