Miami-Dade Commission OKs Property-Tax Cut
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MIAMI (CBSMiami/Herald) – If you live in Miami-Dade County, expect to pay less in property taxes next year.
CBS4′s news partner The Miami Herald reports commissioners on Tuesday lowered the property-tax rate by 2 percent for the coming fiscal year, approving the rate put forth last week by Miami-Dade Mayor Gimenez.
The tax rate cut is part of Gimenez’s proposal for a leaner city budget, which still manages to protect government services, program for seniors and children and prevent layoffs.
According to Gimenez: “Public safety services, library — all those services will remain the same.”
The proposal also sets aside money in case commissioners eliminate an additional healthcare contribution imposed on employees, forcing the county to fund the difference.
Here is how Gimenez’s rate cut works.
For every $1,000 of taxable property, a tax of $9.55 will be applied. In an unincorporated area like Kendall, for example, the owner of a $250,000 home with a $50,000 homestead exemption would pay about $38 less in taxes to the county than last year.
Homeowners whose property values rose more than the nearly 2 percent countywide increase, however, may see a slight uptick in their county taxes. However, those taxes comprise just a portion of their total tax bill.
Gimenez’s proposed $5.9 billion budget is down from nearly $6.2 billion last year, because of savings from a government reorganization and past cuts.
Though the county will lower its property-tax rate, under state law it will have to post a notice of “tax increase.” That’s because the county will be receiving more in total tax revenues than last year, given the higher property values.
That technicality is expected to supply fodder for Chairman Joe Martinez, Mayor Gimenez’s top re-election rival.
“This is a tax increase,” Martinez said.
Another property-tax rate cut may come in September, when the 2012-13 budget is set.