Burgess: Property tax losses

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The Miami-Dade County property appraiser releasexd its preliminary tax rollinformation Monday, with all four taxinhg jurisdictions – fire library, the unincorporated area and Miami-Dade overall – seeingh a decline. The countywide decrease comparing preliminarh tax numbers from year to year shows a 9perceng decrease, or a total of $22.55 billion.” “Thes losses would have been worse if not for new construction that was addede to the property tax roll as of Jan. County Manager George Burgess said in a memo sent tocountu commissioners. North Bay Village took the biggest hit, down 20.2 percent from 2008 levels. Homesteadd saw an 18.
2 percen t decline, followed by Normandy Shores, down 17.5 percent, and Aventurz which was down 17.3 percent. Golden Beach and the tiny city of Islandiw sawno change. Medley saw a 1.5 percent drop whil Biscayne Park saw a 4percent decline. Clickl for the full list. Staffers reviewed property tax rollsw going back to 1985 and founr that 1993 saw taxable value shrinikby 2.9 percent, or $1.9 billion. “Even in 2008, when we absorbe the impact of doubling the homestead exemptiohfrom $25,000 to $50,000, the propert tax roll was relatively flat,” Burgessx explained in the memo. “These losses in property tax roll valuesare unprecedented.
” Burgessa warned of a lot more pain on the horizon, using the last two yearw as a barometer of what is For the second consecutive year, Miami-Dade faced a $200 millionm budget gap in the last fiscal Core services were kept intact by tightening but assuming the same tax rate adopted for the estimated ad valorem revenues for fiscal year 2009-10 would shrinkj by $174.1 million, according to the memo. Taking into account the impact of normal inflationary growthb and theeconomic slowdown, combinex with the non ad valorem revenue results in property tax subsidizex operations facing a budget gap of $350 milliojn to $400 million, Burgessd said.
“We are working diligentlyg to prepare a proposed budgef forFY [fiscal year] 2009-10 that to the extent possible, preserves essential services and minimizese service impacts to our residents,” he wrote in the memo. closing a budgetary gap of this size will require some verydifficulf decisions.”