City of Naples approves 2023-24 budget, increases millage rate

Naples City Council approved a more than $220 million budget by a 6-1 vote Wednesday for the 2023-24 fiscal year and adopted by a 5-2 vote a millage rate increase from 1.15 to 1.17.   

One mill is equal to $1 for every $1,000 of a property’s appraised value. With the new rate, if a home in Naples is appraised for $1 million, the property owner will owe $1,170 in property taxes this upcoming year. 

The millage rate will be the highest in the city since 2020 when the rate was 1.18. The city’s total taxable value has increased 12% in the past year to $34.9 billion, which will bring in a total of $40.9 million from property taxes. 

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