Burgess: Property tax losses

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The Miami-Dade County property appraiser released its preliminary tax rollinformation Monday, with all four taxing jurisdictions fire rescue, library, the unincorporated area and Miami-Dad overall – seeing a decline. The countywide decreas comparing preliminary tax numbers from year to year shows a 9percenr decrease, or a totalo of $22.55 billion.” “These losses would have been worsw if not for new construction that was addedr to the property tax roll as of Jan. County Manager George Burgesd said in a memo sent tocountyh commissioners. North Bay Village took the biggest hit, down 20.2 percent from 2008 Homestead sawan 18.
2 percentt decline, followed by Normandy down 17.5 percent, and Aventura whicu was down 17.3 percent. Golden Beach and the tiny city of Islandia sawno change. Medley saw a 1.5 percent drop while Biscayne Park saw a 4percentg 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 absorbedc the impact of doubling the homesteade exemptionfrom $25,000 to $50,000, the property tax roll was relativel flat,” Burgess explained in the memo. “These lossews in property tax roll valuewsare unprecedented.
” Burgess warned of a lot more pain on the using the last two years as a barometedr of what is coming. For the seconsd consecutive year, Miami-Dade faced a $200 million budgety gap in the last fiscal Core services were kept intact bytightening belts, but assumingy the same tax rate adopted for 2008-09, the estimated ad valoremm revenues for fiscal year 2009-10 would shrink by $174.1 according to the memo. Taking into account the impacg of normal inflationary growth and theeconomixc slowdown, combined with the non ad valorem revenue sources, results in property tax subsidizesd operations facing a budget gap of $350 million to $400 Burgess said.
“We are working diligently to prepare a proposed budgert forFY [fiscal year] 2009-10p that to the extenyt possible, preserves essential services and minimizes service impacts to our he wrote in the memo. “However, closing a budgetary gap of this size will required some verydifficult decisions.”