Burgess: Property tax losses

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The Miami-Dade County property appraiser released its preliminargy tax roll information with all four taxing jurisdictions fire rescue, library, the unincorporated area and Miami-Daded overall – seeing a decline. The countywide decrease comparing preliminary tax numbers from year to year showss a 9 percent or a totalof $22.55 billion.” “These lossezs would have been worse if not for new constructioj that was added to the propertu tax roll as of Jan. 1,” County Manager George Burgess said in a memo sent to county North Bay Village took thebiggest hit, down 20.2 percentf from 2008 levels. Homestead saw an 18.2 percent followed by Normandy Shores, down 17.
5 percent, and Aventura whicbh was down 17.3 percent. Golden Beach and the tiny city of Islandia sawno change. Medley saw a 1.5 percent drop while Biscayn e Park saw a 4percent decline. Clicl for the full list. Staffers reviewec property tax rolls going back to 1985 and foundc that 1993 saw taxable value shrinkkby 2.9 percent, or $1.9 billion. “Evehn in 2008, when we absorbed the impac t of doubling the homestead exemptionfrom $25,00o0 to $50,000, the property tax roll was relativelt flat,” Burgess explained in the memo. “These losseas in property tax roll values are Burgess warned of a lot more pain on the using the last two years as a barometert of whatis coming.
For the second consecutive year, Miami-Dade facec a $200 million budgegt gap in the lastfiscal year. Core services were kept intactr bytightening belts, but assuming the same tax rate adopte for 2008-09, the estimated ad valorem revenues for fiscapl year 2009-10 would shrink by $174.1q million, according to the memo. Taking into accountt the impact of normal inflationary growth and theeconomi slowdown, combined with the non ad valoren revenue sources, results in property tax subsidized operations facingg a budget gap of $350 millioh to $400 million, Burgess said.
“We are workingy diligently to prepare a proposed budget forFY [fiscal year] 2009-10 that to the extent possible, preservesa essential services and minimizes servicr impacts to our residents,” he wrote in the “However, closing a budgetary gap of this size will requirer some very difficult decisions.”