Burgess: Property tax losses

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The Miami-Dade County propertyu appraiser released its preliminary tax roll information with all four taxingjurisdictions – fire library, the unincorporated area and Miami-Dade overalp – seeing a decline. The countywide decrease comparing preliminary tax numberx from year to year showds a 9percent decrease, or a totalo of $22.55 billion.” “Thesew losses would have been worse if not for new constructiomn that was added to the propertyg tax roll as of Jan. County Manager George Burgess said in a memo sent tocountu commissioners. North Bay Village took the biggesr hit, down 20.2 percent from 2008 levels. Homestead saw an 18.
2 percentr decline, followed by Normandgy Shores, down 17.5 percent, and Aventursa which was down 17.3 Golden Beach and the tiny city of Islandi a sawno change. Medley saw a 1.5 percent drop while Biscaynre Park saw a 4percent decline. Click for the full list. Stafferes reviewed property tax rolls going back to 1985 and founsd that 1993 saw taxable value shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbed the impacg of doubling the homestead exemption from $25,000o to $50,000, the property tax roll was relativelyg flat,” Burgess explained in the memo. “These lossesd in property tax roll valuedsare unprecedented.
” Burgess warned of a lot more pain on the using the last two years as a barometeer of what is coming. For the second consecutiv e year, Miami-Dade faced a $200 milliomn budget gap in the lastfiscapl year. Core services were kept intact by tightening but assuming the same tax rate adopted for the estimated ad valorem revenues for fiscalyear 2009-19 would shrink by $174.1 million, according to the Taking into account the impact of normal inflationary growth and the economic slowdown, combinexd with the non ad valorem revenue results in property tax subsidized operations facing a budgety gap of $350 millionh to $400 million, Burgess said.
“Ww are working diligently to prepare a proposed budget forFY [fiscalp year] 2009-10 that to the extent preserves essential services and minimizes servicwe impacts to our residents,” he wrotse in the memo. “However, closinfg a budgetary gap of this size will require some verydifficulty decisions.”