The Nassau Bay City Council unanimously approved the fiscal year 2023 tax rate at $0.648979 per $100 of valuation at a special Sept. 19 meeting.
Under the new tax rate, the homeowner of a $250,000 home would pay about $1,622 in taxes per year, a decrease of $185 year over year, assuming no change in property value.
The new rate is lower than the previous year’s rate of $0.722120 by about $0.073 and lower than the FY 2023 voter-approval rate by about $0.021.
Due to being slightly higher than no-new-revenue rate, or the rate by which the city would collect roughly the same amount of property tax revenue as the previous year, the City Council acknowledged the increase in property values means the new rate is effectively a 4.66% increase in income despite being lowered.
