The Town revenue sources are provided from taxes on real, personal, and vehicle property; business licenses; permits; fees; charges for services; and other miscellaneous revenue collections.Â Major categories of revenue are described below.
Taxes which are ad valorem property taxes collected this fiscal year on real estate, personal, and vehicles. This revenue is 26% of the consolidated budget at $18.3 million.
Licenses, Franchise Fees & Permits which are business licenses, building and development permits, and cable, beach, and recycling franchise fees raise $9.3 million for the General Fund and provide 13% of the consolidated budget.
Accommodations Taxes (ATAX)/Beach Preservation Fees which are funds derived from taxes on short-term rental, hotels, and motel accommodations. The State mandates 2% tax, and the Town has a 2% Beach Fee and 1% Local Accommodations tax. These fees provide $5.5 million and represent 12% of the consolidated budget.
Tax Increment Financing (TIF) in which funds derive from increased value above the baseline assessment when the TIF District was established. These taxes provide $2.8 million and represent 10% of the consolidated budget.
HTAX Bonds/Fees: HTAX (Hospitality Tax) are proceeds from HTAX Bond and fees collected from a 2% tax imposed on the gross sales price of prepared meals and beverages. These fees provide $10.3 million and represent 17% of the total budget.