Monday, June 4, 2018

Update - on the 2018 June 1st Estimates of Taxable Values released by Property Appraiser, Pedro J. Garcia

Property Appraiser, Pedro J. Garcia, has released the 2018 June 1st Estimates of Taxable Values to the Taxing Authorities showing a continued growth in the real estate market. The countywide estimated taxable value for 2018 is $288,859,000,000, a 6.0% increase from 2017.

I have listed below the taxing districts that I (Mayor Eugene Flinn) usually follow as relevant to Palmetto Bay:

 Gain    Taxing authority                                           New construction $ expressed in Millions
  3.90   Coral Gables                                                   $161 m
  5.50   Cutler Bay                                                       $   9 m
  3.80   Doral                                                               $595 m
  5.50   Homestead                                                     $  85 m
  4.00   Palmetto Bay                                                  $    5 m
  3.40   Pinecrest                                                         $  35 m
  4.70   South Miami                                                    $  24 m
  3.90   Unincorporated Miami-Dade (UMSA)             $903 m

Countywide and School Board will affect your countywide portions of your tax bill

  3.90   Countywide                                                    $5,679,000,000.00
  3.30   School Board                                                 $5,683,000,000.00

Note that the differences in estimated taxable value between the Countywide and School Board is due to various additional homestead exemptions applicable to Miami-Dade County that do NOT apply to the School Board.  This is equally applicable to the municipalities and UMSA listed above.

Initial estimate released June 1:
The Miami-Dade Property Appraiser issued the June 1, 2018 Estimates of Taxable Value to Miami-Dade County's Taxing Authorities.  This allows the County, School Board, and local governments such as Coral Gables, Cuter Bay, Homestead, Doral, South Miami, Palmetto Bay, Pinecrest, South Miami and UMSA to proceed with the preparation of their 2018-2019 budgets.

Final Property Roll to be released July 1.
July 1st the Property Appraiser’s Office will publish the 2018 Assessment Roll, which provides the taxing authorities with their official numbers to set their millage (tax) rates.

It is early, but to get a preview of my philosophy, see my post from August 4, 2017, Budgeting for our 2017-18 fiscal year. I remain committed to "government 'lite'" in Palmetto Bay. And yes, I firmly remain committed to Government Lite and keep the property tax rate the same, and that includes any actions taken on Parks, including the proposed Community Center.

Your Mayor,

Eugene Flinn

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