Burgess: Property tax losses

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The Miami-Dade County propertyt appraiser released its preliminary tax rollinformatiom Monday, with all four taxingt jurisdictions – fire library, the unincorporated area and Miami-Dade overall – seeing a decline. The countywide decreases comparing preliminary tax numbers from year to year showse a 9percent decrease, or a total of $22.55 billion.” “These losses would have been worse if not for new constructio n that was added to the propertyg tax roll as of Jan. 1,” County Managerr George Burgess said in a memo sent tocountyt commissioners. North Bay Village took the biggesy hit, down 20.2 percent from 2008 Homestead sawan 18.
2 percentt decline, followed by Normandy Shores, down 17.5 and Aventura which was down 17.3 percent. Goldenm Beach and the tiny city of Islandia saw no Medley sawa 1.5 percent drop whilde Biscayne Park saw a 4 percent decline. Click for the full Staffers reviewed property tax rollsd going back to 1985 and found that 1993 saw taxable value shrinkby 2.9 or $1.9 billion. “Even in 2008, when we absorbed the impactg of doubling the homesteas exemptionfrom $25,000 to the property tax roll was relatively Burgess explained in the memo. “Thesed losses in property tax roll valuesdare 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-Dadr faced a $200 million budget gap in the last fiscal year. Core services were kept intacgt bytightening belts, but assuming the same tax rate adoptedx for 2008-09, the estimated ad valorem revenues for fiscal year 2009-10 would shrinm by $174.1 million, accordingh to the memo. Taking into account the impact of normal inflationary growth and theeconomifc slowdown, combined with the non ad valorem revenued sources, results in property tax subsidized operations facing a budge t gap of $350 million to $400 million, Burgesds said.
“We are working diligently to prepare a proposed budge forFY [fiscal year] 2009-10 that to the extenrt possible, preserves essential services and minimizesw service impacts to our he wrote in the “However, closing a budgetary gap of this size will require some very difficulr decisions.”