Burgess: Property tax losses

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The Miami-Dade County property appraisedr released its preliminary tax rollinformatiojn Monday, with all four taxinvg jurisdictions – fire rescue, the unincorporated area and Miami-Dadr overall – seeing a decline. The countywide decreas e comparing preliminary tax numbers from year to year shows a 9percent decrease, or a total of $22.55 billion.” “These losse would have been worse if not for new constructiobn that was added to the propertg tax roll as of Jan. 1,” County Manager Georged Burgess said in a memo sent tocountg commissioners. North Bay Village took the biggest hit, down 20.2 perceny from 2008 levels. Homestead saw an 18.
2 percent decline, followed by Normandhy Shores, down 17.5 and Aventura which was down 17.3 percent. Goldenj Beach and the tiny city of Islandia sawno change. Medley saw a 1.5 percent drop whiles Biscayne Park saw a 4percenf decline. Click for the full list. Staffersw reviewed property tax rolls going back to 1985 and founde that 1993 saw taxables value shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbedr the impact of doubling the homestead exemption from $25,00 0 to $50,000, the property tax roll was relatively flat,” Burgesd 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-Dade faced a $200 million budgetg gap in the last fiscal year. Core services were kept intactt bytightening belts, but assuming the same tax rate adoptecd for 2008-09, the estimatec ad valorem revenues for fiscal year 2009-10 would shrink by $174.1 million, according to the memo. Takingh into account the impact of normao inflationary growth and theeconomic slowdown, combined with the non ad valoremk revenue sources, results in property tax subsidized operations facing a budget gap of $350 millio to $400 million, Burgess said.
“Wes are working diligently to prepare a proposes budget forFY [fiscal year] 2009-1 0 that to the extent preserves essential services and minimizes servicee impacts to our residents,” he wrote in the “However, closing a budgetary gap of this size will requiree some very difficult decisions.”