LONDON (AP) — King Charles III will not live at Buckingham Palace after the completion of a 10-year, 369 million-pound ($487 million) refurbishment program as the monarchy seeks to increase public access to the historic building that has been the center of royal life for almost 200 years.

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Royal officials stressed that the king and Queen Camilla would continue to work out of the palace, which will remain "the ceremonial and operational center" of the monarchy. But for the rest of Charles' reign, the king and queen will remain in nearby Clarence House.

"It is and will remain Monarchy HQ, the crown jewel of our national buildings," said James Chalmers, the senior royal official responsible for managing the king's financial affairs.

The decision was announced Thursday during a briefing on royal finances at which Charles became the first British monarch to reveal the taxes he paid to the government. The king paid 12.9 million pounds ($16.1 million) in income and capital gains taxes in the 2024-25 financial year, up from 11.7 million pounds the previous year.

The royals are trying to respond to criticism

The announcements come as the royal family tries to shift the narrative after months of embarrassing headlines about the links between the convicted sex offender Jeffrey Epstein and the former Prince Andrew, now known as Andrew Mountbatten-Windsor. The public's focus on Mountbatten-Windsor has overshadowed the king's efforts to modernize the monarchy and show that the 1,000-year-old institution can evolve.

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Built in the 1820s, Buckingham Palace has been the London home of every British monarch since Queen Victoria. With 775 rooms, the palace also provides office space for the royal bureaucracy and hosts lavish state dinners for visiting presidents and potentates.

The palace is also a focal point for the public, with crowds gathering under its famous balcony to cheer as kings and queens announce the end of wars, celebrate their marriages and mark historic events, such as Queen Elizabeth II's 70 years on the throne. It also provides the backdrop for parades down the broad ceremonial avenue known as The Mall.

Buckingham Palace needed some love

But after all the wear and tear, the palace was starting to show its age. In 2017, the royal household began a 10-year program to update obsolete plumbing, wiring and heating and upgrade the building so it could continue to house the monarchy for another 50 years. The project is scheduled to be completed next year.

But now the king and queen have decided to live at Clarence House, a stately home close to the palace where Charles has lived since he was Prince of Wales.

That decision will allow the palace to increase access public access, hosting more events and expanding the number of visitors and tours of the building, Chalmers said. The palace already receives about 700,000 visitors a year.

Royal watchers are waiting for more details about plans for the palace. Ed Owens, author of "After Elizabeth: Can the Monarchy Save Itself,'' said it would be a shame if, for example, the building lies vacant for much of the year.

"I'm hoping for a second act in terms of this decision," he told The Associated Press. "I'm waiting to see whether there will be a sort of a more radical proposal for what Buckingham Palace might be in the future."

The palace recognizes it needs more transparency

The other big news of the day was the announcement on royal taxes.

While Charles released the details of his personal taxes when he was Prince of Wales, this is the first time he has done so since ascending the throne following the death of his mother, Queen Elizabeth II, in 2022.

While monarchy receives funding from a number of sources, the king pays taxes only on his personal income, much of which comes from his privately owned estates, Balmoral in Scotland and Sandringham on the east coast of England. Charles also paid capital gains taxes related to the sale of assets.

Prince William, the current Prince of Wales, also released his tax details on Thursday. William paid 7.76 million pounds in income and capital gains taxes in the 2024-25 tax year, down from 8.34 million pounds the previous year, his office said.

The figures for the first time give the public a concrete idea about the King's personal wealth, as opposed to the castles, jewels and artwork that go with the job but aren't the monarch's personal property.

Charles didn't have to do this. The king's tax affairs, like those of any citizen, are strictly confidential. But he decided to give up that right to privacy as the monarchy tries to put as much distance as possible between itself and Mountbatten-Windsor.

It also underscores the idea that the monarchy is a public institution and its workings should be public, said Craig Prescott, an expert on constitutional law and the monarchy at Royal Holloway, University of London.

"If they're open and as transparent as possible, then the contrast with Andrew Mountbatten-Windsor becomes all the greater," he said.