2014 certified tax roll released July 1st. What it means for Palmetto Bay and surrounding areas.

The Miami-Dade Property Appraiser released the July 1, 2014, Certification of Taxable Value - to the County’s taxing authorities which include county government, the 35 municipal governments, School Board, Children’s Trust and the State regional districts. The County-wide average increase was 6.0% existing, 6.8% inclusive of new construction.

The July 1, 2014, certification is the information used by the County, municipalities and various other taxing authorities in their various budget preparations for the 2014-2015 budgets.

The South Dade Municipalities are ranked below.  Palmetto Bay came out 5 0ut of 6 of what I have included in the list, below South Miami, but thankfully above Florida City.

Homestead led the South Dade rebound for this year with an increase of 5.0/8.00%, just edging out Cutler Bay’s 4.9/8.10.

The % of change from 2013 first number is the Percent change on the existing and second is Percentage of change including new construction.

% Existing    W/New const.                                                                     Total New Const.
4.90&             8.10%             Cutler Bay                                                     $  55,904,952

5.00%             8.00%            Homestead                                                   $  54,069,972
4.40%             5.50%            Unincorporated Miami-Dade                   $592,896,543
3.80%             4.70%            Pinecrest                                                       $  34,922,892
3.00%             3.30%            South Miami                                                $    4,169,483
2.40%             2.60%            Palmetto Bay                                                $    3,587.147
-1.4%              -1.0%              Florida City                                                  $    1,345,916

 6.00%             6.80%             Miami-Dade County (Countywide) (affects all property taxpayer in Miami-Dade County regardless of which municipality or unincorporated area the property is located)

It is important to note what new construction generates.  Palmetto Bay collects 2.447 mills on the taxable value.  The $3,587,147 results in a realization of new tax revenue that totals $8,777.75.  That is revenue; it does not take into account any additional costs for service that the property generates. Remember that number when increased service costs are considered when building the downtown.  Palmetto Bay officials should be careful not to spend what the downtown has not generated.  For example, if Palmetto Bay moved into the Pinecrest range of new construction growth ($35 million for this year), the increase in tax revenue would be $85,456.32.  That would just barely cover the $60,000.00 Palmetto Bay officials have budgeted for the 4th of July downtown celebration / fireworks, leaving just under $25,500.00 to cover any additional costs of service such as police, administrative, etc. 

CLICK HERE to download and review the full comparison chart for each taxing district. This provides much more detailed information from the partial listing above.