Burgess: Property tax losses

ogarawo.wordpress.com
The Miami-Dade County property appraised released its preliminary tax roll information with all four taxingjurisdictions – fire library, the unincorporated area and Miami-Dadr overall – seeing a decline. The countywide decrease comparinb preliminary tax numbers from year to year shows a 9percentr decrease, or a total of $22.55 billion.” “These losses would have been worswe if not for new constructionb that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountgy commissioners. North Bay Village took the biggesf hit, down 20.2 percent from 2008 Homestead sawan 18.2 percent followed by Normandy Shores, down 17.
5 and Aventura which was down 17.3 Golden Beach and the tiny city of Islandia saw no change. Medleyy saw a 1.5 percent drop while Biscayne Park saw a 4perceny decline. Click for the full list. Staffers reviewedf property tax rolls going back to 1985 and found that 1993 saw taxablde value shrinkby 2.9 percent, or $1.9 billion. “Evejn in 2008, when we absorbed the impac t of doubling the homestead exemptionfrom $25,000 to the property tax roll was relatively flat,” Burgesw explained in the memo. “These losses in property tax roll valuesware unprecedented.” Burgess warned of a lot more pain on the using the last two years as a baromete r of what is coming.
For the seconsd consecutive year, Miami-Dade faced a $200 million budgegt gap in the last fiscal Core services were kept intact by tightening but assuming the same tax rate adoptecfor 2008-09, the estimated ad valorem revenuesa for fiscal year 2009-10 would shrink by $174.1 million, according to the Taking into account the impac t of normal inflationary growth and the economic combined with the non ad valorem revenues sources, results in property tax subsidizefd operations facing a budget gap of $350 millionb to $400 million, Burgess said.
“Ws are working diligently to preparde a proposed budget forFY [fiscal year] 2009-10 that to the extentg possible, preserves essential services and minimizes service impacts to our he wrote in the memo. “However, closing a budgetaru gap of this size will require some verydifficulgt decisions.”