The St. Johns County Board of County Commissioners unanimously approved the tentative property tax rates for fiscal year 2024 at the board’s meeting Tuesday, Aug. 1. The rates can be reduced prior to public hearings in September toward adoption of the final millage, but from a practical standpoint, they cannot be increased.
The first budget hearing is set for 5 p.m. Sept. 5.
The recommended budget is $1.19 billion, compared to last year’s $1.55 billion.
In addition to the regular expenses included in the budget — and multi-year capital and grant carryforwards from FY 2023 that will be added in September — the board unanimously approved four special requests.
Jesse Dunn, director of the county’s Office of Management & Budget, spoke briefly about the $59 million state appropriation that is included in the new budget. The appropriation is earmarked for transportation, land conservation and coastal protection.
Here is how some of those funds will be used:
One of the expenses to be included in the budget is the Ponte Vedra Beach Dune and Beach Restoration Project, but no millage has yet to be established for that yet. The project may actually commence in 2024 with millage being established in FY 2025.
This year, the county has seen a 16.5% increase in taxable value, which would generate $43.6 million in incremental property taxes, unless the commission were to adopt the rolled-back rate instead. Should that happen, only $12.6 million would be realized. The budget, calculated according to tax revenue of $43.6 million, would then have to be reworked with severe reductions.
Despite the increases in property values, owners of homesteaded properties will not see a 16.5% increase, due to the state’s Save Our Homes provision. Dunn estimated that increases would be closer to 3%. Non-homesteaded properties are capped at 10%.
The tentative tax rate is $6.83 per $1,000 of taxable value. Of that, $4.65 is for the general fund. That remains unchanged from FY 2023.
The rolled-back rate would be $6.18 per $1,000 of taxable value. The rolled-back rate is the rate that, if levied, would generate the same revenue in terms of dollars as last year. However, this doesn’t provide for inflation.
If the tax rate of $6.83 is approved in September, the owner of a $400,000 home with a homestead exemption of $50,000 could expect to pay about $2,390 in property tax next year. That’s unchanged from FY 2023.
The public can view the Aug. 1 budget presentation at bit.ly/43UhBNU. Residents can participate in the recommended budget process by going to sjcfl.us/omb and accessing the FY 2024 Recommended County Budget Presentation link.