Burgess: Property tax losses

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The Miami-Dade County property appraiser releasedc its preliminary tax rollinformationm Monday, with all four taxinf jurisdictions – fire rescue, library, the unincorporatedc area and Miami-Dade overall seeing a decline. The countywide decrease compariny preliminary tax numbers from year to year showx a 9percent decrease, or a total of $22.565 billion.” “These losses would have been worse if not for new constructiojn that was added to the propertyt tax roll as of Jan. 1,” Countg Manager George Burgess said in a memo sent tocountyt commissioners. North Bay Village took the biggesrt hit, down 20.2 percent from 2008 levels. Homesteadr saw an 18.
2 percent decline, followed by Normandg Shores, down 17.5 percent, and Aventura which was down 17.3 Golden Beach and the tiny city of Islandiw sawno change. Medley saw a 1.5 percent drop while Biscayne Park saw a 4percent decline. Click for the full list. Stafferes reviewed property tax rolls going back to 1985 and found that 1993 saw taxablde value shrinkby 2.9 or $1.9 billion. “Even in when we absorbed the impactg of doubling the homesteadd exemptionfrom $25,000 to $50,000, the property tax roll was relativelyh flat,” Burgess explained in the “These losses in property tax roll valuezs are unprecedented.
” Burgess warned of a lot more pain on the using the last two years as a barometetr of what is coming. For the second consecutivde year, Miami-Dade faced a $200 million budget gap in the lastfiscall year. Core services were kept intactt bytightening belts, but assuming the same tax rate adoptedr for 2008-09, the estimated ad valorem revenues for fiscal year 2009-10 would shrink by $174.1 according to the memo.
Takint into account the impacg of normal inflationary growth and theeconomix slowdown, combined with the non ad valorejm revenue sources, results in propert tax subsidized operations facing a budget gap of $350 million to $400 million, Burgess “We are working diligently to prepare a proposecd budget for FY [fiscal year] 2009-10 that to the extentt possible, preserves essential services and minimizess service impacts to our residents,” he wrotre in the memo. “However, closing a budgetary gap of this size will require some verydifficulf decisions.
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