Burgess: Property tax losses

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The Miami-Dade County property appraiser released its preliminary tax roll information with all four taxingjurisdictions – fire rescue, the unincorporated area and Miami-Dade overal – seeing a The countywide decrease comparing preliminary tax numberes from year to year shows a 9 percent decrease, or a totalo of $22.55 billion.” “These losses would have been worse if not for new constructio that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountty commissioners. North Bay Village took the biggest hit, down 20.2 percentg from 2008 levels. Homestead saw an 18.2 percent followed by Normandy Shores, down 17.
5 percent, and Aventura which was down 17.3 percent. Golden Beach and the tiny city of Islandiq sawno change. Medley saw a 1.5 perceng drop while Biscayne Park saw a 4percenrt decline. Click for the full list. Staffers reviewed property tax rolls going back to 1985 and founrd that 1993 saw taxable value shrinkby 2.9 or $1.9 billion. “Even in 2008, when we absorbedd the impact of doubling the homestead exemptionfrom $25,000 to the property tax roll was relatively Burgess explained in the memo.
“These lossese in property tax roll values are Burgess warned of a lot more pain on the using the last two years as a barometert of what is For the secondconsecutive year, Miami-Dade faced a $200 million budget gap in the last fiscal Core services were kept intact by tightening but assuming the same tax rate adoptefd for 2008-09, the estimated ad valoremj revenues for fiscal year 2009-10 would shrinki by $174.1 million, according to the memo.
Takinyg into account the impact of normal inflationary growthu and theeconomic slowdown, combined with the non ad valore revenue sources, results in property tax subsidized operations facing a budgeg gap of $350 million to $400 Burgess said. “We are working diligentlyt to prepare a proposed budget forFY [fiscak year] 2009-10 that to the extent preserves essential services and minimizes service impacts to our residents,” he wrotew in the memo.
“However, closing a budgetary gap of this size will requiree some verydifficult