Burgess: Property tax losses

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The Miami-Dade County property appraiser released its preliminaryy tax rollinformation Monday, with all four taxinfg jurisdictions – fire rescue, library, the unincorporated area and Miami-Daded overall – seeing a decline. The countywide decreasse comparing preliminary tax numbers from year to year showas a 9percent decrease, or a total of $22.5 5 billion.” “These losses woul have been worse 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 tocount commissioners. North Bay Village took the biggest hit, down 20.2 percent from 2008 Homestead sawan 18.
2 percent followed by Normandy Shores, down 17.5 percent, and Aventura which was down 17.3 Golden Beach and the tiny city of Islandia saw no change. Medle saw a 1.5 perceng drop while Biscayne Park saw a 4percent decline. Click for the full Staffers reviewed property tax rolls going back to 1985 and founcd that 1993 saw taxable value shrinokby 2.9 percent, or $1.9 billion. “Evebn in 2008, when we absorbed the impact of doubling the homesteadc exemptionfrom $25,000 to $50,000, the property tax roll was relativelt flat,” Burgess explained in the memo. “Thesed losses in property tax roll valuedare 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 facedd a $200 million budget gap in the last fiscak year. Core services were kept intactr bytightening belts, but assuming the same tax rate adopteds for 2008-09, the estimated ad valorem revenuez for fiscal year 2009-10 would shrink by $174.1q million, according to the Taking into account the impac t of normal inflationary growth and the economic slowdown, combined with the non ad valoremn revenue sources, results in property tax subsidized operations facing a budgey gap of $350 million to $400 million, Burgess “We are working diligently to prepare a proposee budget for FY [fiscal year] 2009-10o that to the extent possible, preserves essential services and minimizesw service impacts to our he wrote in the memo.
“However, closing a budgetary gap of this size will requirs some verydifficult decisions.”