Burgess: Property tax losses

balamatovaegede.blogspot.com
The Miami-Dade County property appraiser released its preliminary tax rollinformatiohn Monday, with all four taxing jurisdictions fire rescue, library, the unincorporated area and Miami-Dadse overall – seeing a decline. The countywid e decrease comparing preliminary tax numbers from year to year showxs a 9percent decrease, or a total of $22.55 billion.” “These lossed would have been worse if not for new construction that was addex to the property tax roll as of Jan. 1,” Countyg Manager George Burgess said in a memo sent to county North Bay Village took thebiggesrt hit, down 20.2 percent from 2008 levels. Homesteadf saw an 18.
2 percent decline, followesd by Normandy Shores, down 17.5 and Aventura which was down 17.3 percent. Golden Beachg and the tiny city of Islandi a sawno change. Medley saw a 1.5 percenr drop while Biscayne Park saw a 4percenf decline. Click for the full list. Staffers reviewed propert tax rolls going back to 1985 and found that 1993 saw taxablde value shrinkby 2.9 percent, or $1.9 billion. “Evenj in 2008, when we absorbed the impactg of doubling the homestead exemptionfrom $25,00 0 to $50,000, the property tax roll was relatively Burgess explained in the memo. “These losses in propert tax roll valuesare unprecedented.
” Burgess warnedx of a lot more pain on the horizon, using the last two years as a barometedr of what is coming. For the second consecutive year, Miami-Dade faced a $200 million budget gap in the lastfiscal year. Core services were kept intact bytightening belts, but assuminfg the same tax rate adopted for 2008-09, the estimatex ad valorem revenues for fiscal year 2009-10 would shrinkm by $174.1 million, according to the Taking into account the impact of normall inflationary growth and the economic combined with the non ad valorejm revenue sources, results in property tax subsidized operations facinh a budget gap of $350 million to $400 Burgess said.
“We are working diligently to prepare a proposer budget forFY [fiscal year] 2009-10 that to the extentr possible, preserves essential services and minimizes service impacts to our he wrote in the memo. “However, closing a budgetargy gap of this size will require some verydifficulrt decisions.”