LTC 198-2020 Preliminary Assessment Roll EstimateMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC# 198-2020 LETTER TO COMMISSION
TO: Mayor Dan Gelber and Members o
FROM: Jimmy L. Morales, City Manager.
DATE June 1, 2020
SUBJECT: PRELIMINARY ASSESSMENT RO L ESTIMATE
The purpose of this Letter to Commission (LTC) is to transmit the preliminary 2020 property assessment
values for the City of Miami Beach, which are attached. On July 1", the City will receive the certified property
assessment values, which will be the values utilized for budget purposes in the development of the FY 2021
budget. The attached preliminary values provided by the Miami-Dade County Property Appraiser are an
estimate and are, therefore, subject to change. However, the difference between the preliminary and
certified values is typically minimal.
The attached values reflect an overall increase in property values of approximately $1.4 billion, or 3.5%,
from the 2019 Preliminary Taxable Value of $40.1 billion to the 2020 Estimated Taxable Value of $41.5
billion. This reflects a $519.6 million or 1.3% increase in existing property values and a $866.5 million or
286% 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 $5.9 million in property tax revenue
citywide.
The Normandy Shores Local Government Neighborhood Improvement District reflects an increase in
property values of approximately $12.3 million, or 5.5%, from the 2019 Preliminary Taxable Value of $223.7
million to the 2020 Estimated Taxable Value of $236.0 million. This reflects a 6.0% increase in existing
property values and a 23.0% decrease in new construction values.
2019 Preliminary 2020 Estimated
Miami Beach Taxable Value Taxable Value $ Variance %Variance
Existing Values $ 39,796,383,821 $ 40,316,000,000 $ 519,616,179 1.3%
New Construction 302,508,638 1,169,000,000 866,491,362 286.4%
Certified Taxable Value $ 40,098,892,459 $ 41,485,000,000 $ 1,386,107,541 3.5%
2019 Preliminary 2020 Estimated
Normandy Shores Taxable Value Taxable Value $ Variance %Variance
Existing Values $ 219,807,591 $ 233,000,000 $ 13,192,409 6.0%
New Construction 3,896,854 3,000,000 (896,854) -23.0%
Certified Taxable Value $ 223,704,445 $ 236,000,000 $ 12,295,555 5.5%
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 3.5% 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 1 values. Once received, an updated analysis will
be provided.
L TC-- Preliminary Assessment Rolf Estimate
Page 2 of 2
Included in the attachments provided are a summary of the 2020 estimated taxable values for all
municipalities within Miami-Dade County, the trend in citywide property values since FY 2009, and taxable
value history for existing versus new construction.
For comparative purposes, County-wide property values increased by 4.6%, the School Board increased
by 3.3% and the City of Miami increased by 6.5%. Five cities had property values decrease including: Bal
Harbour (4.2%), Aventura (3.2%), North Bay Village (1.5%), Key Biscayne (1.5%), and Surfside (0.3%).
Please note that this information will be discussed in more detail at three upcoming Finance & Economic
Resiliency Committee-Budget Workshops that are currently scheduled for June 16, July 8, and July 17.
If you have any questions or need additional information, please feel free to contact me.
Attachment 1: 2020 Estimated Taxable Values by Taxing Authority, Miami-Dade Property Appraiser
Attachment 2: Trend in Citywide Property Values
Attachment 3: Taxable Value History - Existing vs. New Construction
JLM/Jfos
ATTACHMENT 1
MIAMI-DADE COUNTY
PROPERTY APPRAISER
2020 Estimated Taxable Values by Taxing Authority JUNE 1, 2020
2019 2020 ESTIMATED
PRELIMINARY TAXABLE VALUE ESTIMATED 2020 PERCENT
TAXABLE BEFORE NEW PERCENT NEW NET JUNE1ST CHANGE
TAXING AUTHORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION CHANGE ESTIMATE FROM 2019
01 MIAMI 58,961,599,417 60,097,000,000 1.9% 2,668,000,000 3,803,000,000 62,765,000,000 6.5%
0101 MIAMI (DDA ) 21,190,968, 140 20,989,000,000 -1.0% 1,603,000,000 1,401,000,000 22,592,000,000 6.6%
02 MIAMI BEACH 40,098,892,459 40,316,000,000 0.5% 1,169,000,000 1,386,000,000 41,485,000,000 3.5%
0201 MB NORMANDY SHORES 223,704,445 233,000,000 4.2% 3,000,000 12,000,000 236,000,000 5.5%
03 CORAL GABLES 16,936,366,618 17,262,000,000 1.9% 131,000,000 457,000,000 17,393,000,000 2.7%
04 HIALEAH 11,306,060,963 12,213,000, 000 8.0% 177,000,000 1,084,000,000 12,390,000,000 9.6%
05 MIAMI SPRINGS 1,256,462,625 1,293,000,000 2.9% 13,000,000 50,000,000 1,306,000,000 3.9%
06 NORTH MIAMI 3,386,305,971 3,574,000,000 5.5% 130,000,000 318,000,000 3,704,000,000 9.4%
07 NORTH MIAMI BEACH 3,399,037,695 3,495,000,000 2.8% 25,000,000 121,000,000 3,520,000,000 3.6%
08 OPA-LOCKA 1,154,438,679 1,220,000,000 5.7% 1,000,000 67,000,000 1,221,000,000 5.8%
09 SOUTH MIAMI 1,987,072,238 2,039,000,000 2.6% 14,000,000 66,000,000 2,053,000,000 3.3%
10 HOMESTEAD 3, 143,709,627 3,305,000,000 5.1% 117,000,000 278,000,000 3,422,000,000 8.9%
11 MIAMI SHORES 1,196,387,229 1,251,000,000 4.6% 3,000,000 58,000,000 1,254,000,000 4.8%
12 BAL HARBOUR 5,500,117,826 5,270,160,000 -4.2% -160,000 -230,000,000 5,270,000,000 -4.2%
13 BAY HARBOR ISLANDS 1,333,876,001 1,287,000,000 -3.5% 76,000,000 29,000,000 1,363,000,000 2.2%
14 SURF SIDE 3,116,633,395 3,066,000,000 -1.6% 41,000,000 -10,000,000 3,107,000,000 -0.3%
15 WEST MIAMI 569,834,358 593,000,000 4.1% 45,000,000 68,000,000 638,000,000 12.0%
16 FLORIDA CITY 559,584,262 602,000,000 7.6% 20,000,000 62,000,000 622,000,000 11.2%
17 8ISCAYNE PARK 231,201,560 247,300,000 7.0% 700,000 17,000,000 248,000,000 7.3%
18 EL PORTAL 167,848,153 180,600,000 7.6% 400,000 13,000,000 181,000,000 7.8%
19 GOLDEN BEACH 1,160,543,438 1,159,000,000 -0.1% 6,000,000 4,000,000 1,165,000,000 0.4%
20 PINECREST 5,025,067,161 5,084,000,000 1.2% 39, 000, 000 98,000,000 5,123,000,000 1.9%
21 INDIAN CREEK 653,264,284 678,000,000 3.8% o 25,000,000 678,000,000 3.8%
22 MEDLEY 2,419,004,278 2,501,000,000 3.4% 42,000,000 124,000,000 2,543,000,000 5.1%
23 N. BAY VILLAGE 1,091,206,289 1,055,000,000 -3.3% 20,000,000 -16,000,000 1,075,000,000 -1.5%
24 KEY BISCAYNE 8,310,656,693 8,178,000,000 -1.6% 8,000,000 -125,000,000 8,186,000,000 -1.5%
25 SWEETWATER 1,853,737,333 1,905,000,000 2.8% 52,000,000 103,000,000 1,957,000,000 5.6%
26 VIRGINIA GARDENS 266,608,319 273,800,000 2.7% 200,000 7,000,000 274,000,000 2.8%
27 HIALEAH GARDENS 1,382,828,298 1,468,000,000 6.2% 13,000,000 98,000,000 1,481,000,000 7.1%
28 AVENTURA 10,740,186,632 10,304,000,000 -4.1% 96,000,000 -340,000,000 10,400,000,000 -3.2%
30 UNINCORPORATED 82,361,962,711 85,897,000,000 4.3% 1,145,000,000 4,680,000,000 87,042,000,000 5.7%
31 SUNNY ISLES BEACH 11,568,495,663 10,956,000,000 -5.3% 941,000,000 329,000,000 11,897,000,000 2.8%
32 MIAMI LAKES 3,365,592,016 3,461,000,000 2.8% 65,000,000 160,000,000 3,526,000,000 4.8%
33 PALMETTO BAY 3,053,651,042 3,143,000,000 2.9% 48,000,000 137,000,000 3,191,000,000 4.5%
34 MIAMI GARDENS 4,955,640,419 5,238,000,000 5.7% 99,000,000 381,000,000 5,337,000,000 7.7%
35 DORAL 13,715,630,586 13,769,000,000 0.4% 480,000,000 533,000,000 14,249,000,000 3.9%
36 CUTLER BAY 2,650,512,622 2,751,000,000 3.8% 4,000,000 104,000,000 2,755,000,000 3.9%
COUNTY -WIDE 308,641,457,718 315,079,000,000 2.1% 7,704,000,000 14,142,000,000 322,783,000,000 4.6%
FIRE AND RESCUE 173,237,599,110 177,150,000,000 2.3% 3,549,000,000 7,461,000,000 180,699,000,000 4.3%
LIBRARY 280,962,317,536 286,167,000,000 1.9% 4,094,000,000 9,299,000,000 290,261,000,000 3.3%
SCHOOL BOARD 339,593, 182,438 342,986,000,000 1.0% 7,706,000,000 11,099,000,000 350,692,000,000 3.3%
S FL WATER MNGT DIST 310,905,785,149 317,276,000,000 2.0% 7,706,000,000 14,076,000,000 324,982,000,000 4.5%
FL INLAND NAV DIST 310,905,785,149 317,276,000,000 2.0% 7,706,000,000 14,076,000,000 324,982,000,000 4.5%
THE CHILDREN'S TRUST 310,905,785, 149 317,276,000,000 2.0% 7,706,000,000 14,076,000,000 324,982,000,000 4.5%
ATTACHMENT 2
Trend in Citywide Property Values
15.05 13.3% 13.0%
""'
10.0%
9.9%
# \ .
7.8%
6.9%
5.0%
50% 4.0%
s 3.1% 3.5%
#
-0.2%
0.0%
-0.5%
-5.0% \
-8.2%
-10.0%
-10.5%
-15.0%
FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
ATTACHMENT 3
Taxable Value History
Existing vs New Construction
$45.00 $200
$39.80 $40.32
$180 $40 00 !\" $38.70 -
35.00 . - - - - $1.50
350.45 - - - - - $140
$30.00
$26.56 $26.69
$24.58 I.l 7 $120
- $25.00 "' g $100 9g di 5 « 420.00 3
I $0.0
$1500
\ $050
$10.00 Ii $04A0
$5.00 $020
$ - $
FY FY fY fY fY FY FY FY fY FY FY FY FY FY FY
2007 2008 2009 2010 201I 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Existing Property Values New Constudio Values