NEW SMYRNA BEACH, Fla. — The New Smyrna Beach City Commission agreed next year’s property tax rate should not increase.
The Commission, which met on Monday, August 10, also discussed the fiscal impacts of the proposed Amendment 3 new service fees. Amendment 3, if passed, would increase homestead exemptions for homeowners who use their property as a primary residence in Florida.
New Smyrna Beach officials warned that increasing the homestead exemption could lead to a significant budget shortfall by 2029.
“Public safety, which includes police, fire, and emergency management, currently represents 87% of the property tax revenue received by the city,” explained Finance Director Jo-Anne Drury. “However, if the proposed homestead exemption increase is approved, that relationship changes significantly.”
“In my view, it just coincidentally lines up very well with the revenue that we would generate versus the revenue we would lose assuming the referendum does pass,” stated City Manager Kevin Cowper.
To mitigate revenue losses, the commission considered implementing a new annual fire assessment fee and adjusting stormwater and parking fees.
A follow-up budget workshop is scheduled for August 20.
Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.