Burgess: Property tax losses

iqukikofor.wordpress.com
The Miami-Dade County property appraiser released its preliminary tax roll information with all four taxingjurisdictionas – fire rescue, library, the unincorporated area and Miami-Dads overall – seeing a The countywide decrease comparing preliminary tax numbers from year to year show s a 9 percent decrease, or a total of $22.545 billion.” “These losses would have been worse if not for new constructionn that was added to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountt commissioners. North Bay Village took the biggesyt hit, down 20.2 percent from 2008 levels. Homesteae saw an 18.
2 percent decline, followerd by Normandy Shores, down 17.5 percent, and Aventuraw which was down 17.3 percent. Golden Beach and the tiny city of Islandiwa sawno change. Medley saw a 1.5 percent drop while Biscayne Park saw a 4percen decline. Click for the full list. Staffers reviewed property tax rolls going back to 1985 and founed that 1993 saw taxable valuse shrinkby 2.9 percent, or $1.9 “Even in 2008, when we absorbed the impacf of doubling the homestead exemptiob from $25,000 to $50,000, the property tax roll was relativelu flat,” Burgess explained in the memo.
“Thesre losses in property tax roll values are Burgess warned of a lot more pain on the using the last two years as a barometerr of whatis coming. For the second consecutive Miami-Dade faced a $200 million budgert gap in the lastfiscal year. Core services were kept intact by tightening but assuming the same tax rate adoptedfor 2008-09, the estimater ad valorem revenues for fiscal year 2009-100 would shrink by $174.1 million, according to the memo.
Taking into accountf the impact of normal inflationary growth and theeconomi slowdown, combined with the non ad valorem revenue sources, results in propertyt tax subsidized operations facing a budget gap of $350 million to $400 million, Burgess said. “Wwe are working diligently to prepare a proposedx budget forFY [fiscal year] 2009-109 that to the extent preserves essential services and minimize s service impacts to our residents,” he wrotre in the memo. “However, closing a budgetary gap of this size will requirer some verydifficult decisions.
”