LTC 318-2019 PRELIMINARY ASSESSMENT ROLL ESTIMATE MIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# 318-2019 LETT R TO COMMISSION
TO: Mayor Dan Gelber and Members of tie City Commi sion
FROM: Jimmy L. Morales, City Manager
DATE: June 3, 2019
SUBJECT: PRELIMINARY ASSESSMENT ROLL j*STIMATE
The purpose of this Letter to Commission (LTC) is to transmit the preliminary 2019 property assessment
values for the City of Miami Beach, which are attached. On July 1st, the City will receive the certified
property assessment values, which will be the values utilized for budget purposes in the development of
the FY 2020 budget. The attached preliminary values provided by the Miami-Dade County Property
Appraiser are an estimate and are, therefore, subject to change. Typically, the difference between the
preliminary and certified values is minimal.
The attached values reflect an overall increase in property values of approximately $1.1 billion, or 3.0%,
from the 2018 Preliminary Taxable Value of $38.9 billion to the 2019 Estimated Taxable Value of $40.0
billion. This reflects a 2.8% increase in existing property values and a 26.3% increase in new construction
values. Applying the overall increase in values to General Fund property tax revenues would result in a
preliminary increase of approximately $4.7 million in property tax revenue citywide. In light of these
values, the Administration will adjust the FY 2020 Preliminary budget accordingly to ensure that it is
balanced.
The Normandy Shores Local Government Neighborhood Improvement District reflects an increase in
property values of approximately $11.9 million, or 5.6%, from the 2018 Preliminary Taxable Value of
$212.1 million to the 2019 Estimated Taxable Value of $224.0 million. This reflects a 4.9% increase in
existing property values and a 62.7% increase in new construction values.
2018 Preliminary Taxable 2019 Estimated Taxable FY 2019/20
Miami Beach Value Value $Variance %Variance
Existing Values $ 38,701,545,195 $ 39,800,000,000 $ 1,098,454,805 2.8%
New Construction 186,115,906 235,000,000 48,884,094 26.3%
Certified Taxable Value $ 38,887,661,101 $ 40,035,000,000 $ 1,147,338,899 3.0%
2018 Preliminary Taxable 2019 Estimated Taxable FY 2019/20
Normandy Shores Value Value $Variance %Variance
Existing Values $ 209,647,105 $ 220,000,000 $ 10,352,895 4.9%
New Construction 2,458,268 4,000,000 1,541,732 62.7%
Certified Taxable Value $ 212,105,373 $ 224,000,000 $ 11,894,627 5.6%
Please note, however, the impact of the increase on the General Fund, specifically, will be affected by the
portion of the changes in property values that occurred inside the City's redevelopment areas (RDA)
compared to the changes outside the RDA areas, which could vary from the 3.0% increase citywide. The
breakdown between the General Fund and RDA areas is still pending since the City typically receives the
RDA component of these values with the certified July 1st values. Once received, an updated analysis will
be provided.
LTC— Preliminary Assessment Roll Estimate
Page 2 of 2
Included in the attachment provided is a summary of the 2019 Estimated Taxable Values for all
municipalities within Miami-Dade County.
If you have any questions or need additional information, please feel free to contact me.
JLM/JW/TOS
Attachment
MIAMI-DADE COUNTY #` a,
PROPERTY APPRAISER ` .%
2019 Estimated Taxable Values by Taxing Authority . "T V
N.JUNE 1, 2019 '"�'
°
2018 2019 ESTIMATED
PRELIMINARY TAXABLE VALUE 2019 PERCENT
TAXABLE BEFORE NEW PERCENT NEW JUNE 1ST CHANGE
TAXING AUTHORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION ESTIMATE FROM 2018
01 MIAMI 53,357,105,033 55,437,000,000 3.9% 3,207,000,000 58,644,000,000 9.9%
0101 MIAMI(DDA) 19,469,904,269 19,816,000,000 1.8% 1,265,000,000 21,081,000,000 8.3%
02 MIAMI BEACH 38,887,661,101 39,800,000,000 2.3% 235,000,000 40,035,000,000 3.0%
0201 MB NORMANDY SHORES 212,105,373 220,000,000 3.7% 4,000,000 224,000,000 5.6%
03 CORAL GABLES 16,023,377,296 16,520,000,000 3.1% 303,000,000 16,823,000,000 5.0%
04 HIALEAH 10,380,884,716 11,075,000,000 6.7% 209,000,000 11,284,000,000 8.7%
05 MIAMI SPRINGS 1,198,702,267 1,238,000,000 3.3% 3,000,000 1,241,000,000 3.5%
06 NORTH MIAMI 3,101,696,052 3,274,000,000 5.6% 104,000,000 3,378,000,000 8.9%
07 NORTH MIAMI BEACH 2,932,458,209 3,095,000,000 5.5% 300,000,000 3,395,000,000 15.8%
08OPA-LOCKA 887,432,725 961,000,000 8.3% 191,000,000 1,152,000,000 29.8%
09 SOUTH MIAMI 1,918,166,785 1,982,000,000 3.3% 11,000,000 1,993,000,000 3.9%
10 HOMESTEAD 2,857,501,054 3,030,000,000 6.0% 105,000,000 3,135,000,000 9.7%
11 MIAMI SHORES 1,118,032,960 1,186,000,000 6.1% 8,000,000 1,194,000,000 6.8%
12 BAL HARBOUR 5,498,822,089 5,486,000,000 -0.2% 6,000,000 5,492,000,000 -0.1%
13 BAY HARBOR ISLANDS 1,214,738,329 1,277,000,000 5.1% 58,000,000 1,335,000,000 9.9%
14 SURFSIDE 3,086,020,534 3,112,000,000 0.8% 6,000,000 3,118,000,000 1.0%
15 WEST MIAMI 550,069,469 569,000,000 3.4% 1,000,000 570,000,000 3.6%
16 FLORIDA CITY 529,435,136 556,000,000 5.0% 4,000,000 560,000,000 5.8%
17 BISCAYNE PARK 217,723,560 229,000,000 5.2% 2,000,000 231,000,000 6.1%
18 EL PORTAL 159,201,908 167,000,000 4.9% 0 167,000,000 4.9%
19 GOLDEN BEACH 1,095,765,448 1,111,000,000 1.4% 18,000,000 1,129,000,000 3.0%
. 20 PINECREST 4,810,485,495 4,945,000,000 2.8% 75,000,000 5,020,000,000 4.4%
21 INDIAN CREEK 607,887,808 637,000,000 4.8% 5,000,000 642,000,000 5.6%
22 MEDLEY 2,263,979,563 2,377,000,000 5.0% 0 2,377,000,000 5.0%
23 N. BAY VILLAGE 1,079,858,914 1,087,000,000 0.7% 3,000,000 1,090,000,000 0.9%
24 KEY BISCAYNE 8,532,625,700 8,278,000,000 -3.0% 19,000,000 8,297,000,000 -2.8%
25 SWEETWATER 1,759,085,298 1,836,000,000 4.4% 2,000,000 1,838,000,000 4.5%
26 VIRGINIA GARDENS 268,531,771 266,000,000 -0.9% 2,000,000 268,000,000 -0.2%
27 HIALEAH GARDENS 1,285,416,369 1,379,000,000 7.3% 10,000,000 1,389,000,000 8.1%
28 AVENTURA 10,365,840,176 10,336,000,000 -0.3% 398,000,000 10,734,000,000 3.6%
30 UNINCORPORATED 76,772,241,745 80,845,000,000 5.3% 818,000,000 81,663,000,000 6.4%
31 SUNNY ISLES BEACH 11,120,535,585 10,630,000,000 -4.4% 918,000,000 11,548,000,000 3.8%
32 MIAMI LAKES 3,213,878,488 3,308,000,000 2.9% 55,000,000 3,363,000,000 4.6%
33 PALMETTO BAY 2,930,712,611 3,046,000,000 3.9% 8,000,000 3,054,000,000 4.2%
34 MIAMI GARDENS 4,576,969,590 4,882,000,000 6.7% 38,000,000 4,920,000,000 7.5%
35 DORAL 13,185,785,200 13,499,000,000 2.4% 201,000,000 13,700,000,000 3.9%
36 CUTLER BAY 2,517,709,992 2,648,000,000 5.2% 10,000,000 2,658,000,000 5.6%
COUNTY-WIDE 290,087,138,467 300,000,000,000 3.4% 7,213,000,000 307,213,000,000 5.9%
FIRE AND RESCUE 163,103,694,160 169,099,000,000 3.7% 3,238,000,000 172,337,000,000 5.7%
LIBRARY 264,182,697,102 272,996,000,000 3.3% 6,578,000,000 279,574,000,000 5.8%
SCHOOL BOARD 322,193,015,087 330,452,000,000 2.6% 7,219,000,000 337,671,000,000 4.8%
S FL WATER MNGT DIST 292,338,015,696 302,252,000,000 3.4% 7,219,000,000 309,471,000,000 5.9%
FL INLAND NAV DIST 292,338,015,696 302,252,000,000 3.4% 7,219,000,000 309,471,000,000 5.9%
THE CHILDREN'S TRUST 292,338,015,696 302,252,000,000 3.4% 7,219,000,000 309,471,000,000 5.9%