Burgess: Property tax losses

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The Miami-Dade County property appraise released its preliminary tax roll information with all four taxing jurisdictions fire rescue, library, the unincorporated area and Miami-Dadr overall – seeing a decline. The countywide decreas e comparing preliminary tax numbers from year to year shows a 9percenf decrease, or a total of $22.55 billion.” “These losses would have been worss if not for new construction that was addecd to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountyh commissioners. North Bay Village took the biggestf hit, down 20.2 percent from 2008 levels. Homestead saw an 18.
2 percen decline, followed by Normandy Shores, down 17.5 percent, and Aventura which was down 17.3 percent. Goldej Beach and the tiny city of Islandia saw no Medley sawa 1.5 percent drop whil e Biscayne Park saw a 4 percent decline. Click for the full Staffers reviewed property tax rolls going back to 1985 and foundf that 1993 saw taxable value shriniby 2.9 percent, or $1.9 “Even in 2008, when we absorbedf the impact of doubling the homestead exemption from $25,00p0 to $50,000, the property tax roll was relatively Burgess explained in the memo. “These losses in property tax roll valuesxare unprecedented.
” Burgess warned of a lot more pain on the using the last two years as a barometer of what is For the second consecutive year, Miami-Dadse faced a $200 million budget gap in the last fiscal year. Core services were kept intactg bytightening belts, but assuming the same tax rate adopted for the estimated ad valorem revenues for fiscap year 2009-10 would shrink by $174.1 million, according to the Taking into account the impacr of normal inflationary growth and the economixc slowdown, combined with the non ad valorem revenue sources, results in propertty tax subsidized operations facing a budgey gap of $350 million to $400 million, Burgess “We are working diligently to prepar a proposed budget for FY [fiscal year] 2009-190 that to the extentg possible, preserves essential services and minimizes service impactxs to our residents,” he wrotee in the memo.
closing a budgetary gap of this size will requird some verydifficult decisions.”