Burgess: Property tax losses

llrx-royce.blogspot.com
The Miami-Dade County propert y appraiser released its preliminary tax rollinformationn Monday, with all four taxing jurisdictions fire rescue, library, the unincorporated area and Miami-Dade overalk – seeing a decline. The countywide decrease comparing preliminary tax numberw from year to year showxs a 9percent decrease, or a total of $22.55 “These losses would have been worse if not for new constructiohn that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent to county North Bay Village took thebiggest hit, down 20.2 perceny from 2008 levels. Homestead saw an 18.2 percent decline, followed by Normandy down 17.
5 percent, and Aventura which was down 17.3 Golden Beach and the tiny city of Islandia saw no Medley sawa 1.5 percent drop whil e Biscayne Park saw a 4 percent Click for the full list. Staffers reviewed property tax rollsx going back to 1985 and found that 1993 saw taxable valur shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbed the impactg of doubling the homesteas exemption from $25,000 to the property tax roll was relatively flat,” Burgess explainefd in the memo. “These losses in property tax roll valuesdare unprecedented.” Burgess warned of a lot more pain on the using the last two yearsw as a barometer of what is coming.
For the seconcd consecutive year, Miami-Dade faced a $200 milliom budget gap in the lastfisca year. Core services were kept intact by tightening but assuming the same tax rate adopterdfor 2008-09, the estimate d ad valorem revenues for fiscal year 2009-10p would shrink by $174.1 million, according to the memo. Takintg into account the impactf of normal inflationary growth and theeconomicx slowdown, combined with the non ad valorek revenue sources, results in property tax subsidized operations facingb a budget gap of $350 milliohn to $400 million, Burgess “We are working diligently to prepare a proposed budgegt for FY [fiscal year] 2009-10 that to the extenty possible, preserves essential services and minimizes service impacts to our he wrote in the memo.
closing a budgetary gap of this size will require some verydifficulyt decisions.”