LTC 177-2009 July 1, 2009 Certification of Taxable Valuem MIAMIBEACH
OFFICE OF THE CITY MANAGER
NO.LTC# >~~-2009 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager
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DATE: July 1, 2009 ~ 1
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SUBJECT: JULY 1, 2009 CERTIFICATION OF YAXABLE VALUE
The purpose of this LTC is to transmit the 2009 Certification of Taxable Value for the City of
Miami Beach.
These values reflect a decline in existing property values from the 2008 Preliminary Taxable
Value ($26.899 billion) to the 2009 Certification of Taxable Value ($22.912 billion), a decline
of a decline of 3.987 billion and 14.8% (as compared to $22.963 and 14.6% in the June 151
preliminary assessment role estimate).
This decline is partially mitigated by $1.782 billion in new construction/renovation for a net
decline of 8.2% in the City of Miami Beach (as compared to $1.229 billion and 10.1 % in the
June 1 st preliminary assessment role estimate).
Values in the City Center RDA declined 7% and values in the South Pointe area declined
3.4%, resulting in a net decline of 9.3% outside the RDA.
We are evaluating the impact of these changes and will present them at the Finance
Citywide Projects Committee meetings scheduled for next week.
If you have any questions or need additional information, please feel free to contact me.
JMG/KGB/par
F:lobpl$BUDIBUDDOC110-BUDIProperty Tax RevenueslLTC July 1, 2009 Certrfication of Taxable Value.doc
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NEWS RELEASE
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FOR IMMEDIATE RELEASE: MEDIA CONTACT:
Patrick Smikle: 305-375-4789
PROPERTY APPRAISER: 2009 PRELIMINARY ROLL
CONFIRMS SIGNIFICANT DECLINE IN VALUES
(MIAMI, July 01, 2009) -It's official. The July 1, 2009 Preliminary Tax Roll has confirmed a substantial decline in the
countywide taxable value of existing properties in Miami-Dade County of 13 percent, excluding new construction value.
Compared to 2008, Taxable Value of existing properties declined by 531.8 billion. When adjusted for new construction of
$8.4 billion, the 2009 countywide taxable value came in at $222.1 billion, a net decline of S23.4 billion or 9.5 percent.
These figures, contained in the 2009 Preliminary Tax Roll released today by Property Appraiser Pedro J. Garcia, verify a
countywide taxable value of $213.8 billion of existing properties, as compared to $245.6 in 2008. The decline was offset
by the $8.4 billion in new construction value, which were projects started during the real estate expansion cycle and
completed in 2008.
These figures directly reflect market value declines throughout Miami-Dade County and confirm a trend, which had been
projected in the June 1 i' Estimates issued by the Property Appraiser.
Mr. Garcia said that in arriving at the countywide 2009 taxable value his staff first had to determine the Just (Market)
Value of all properties in the county as of January 1, 2009 by conducting analyses of market data, including 2008
comparable sales, short sales and the impact of foreclosure activity on the various markets within Miami-Dade County.
The 2009 Preliminary Tax Roll summarizes aggregate valuation information for each Miami-Dade County taxing authority
(such as County Government, municipal governments, School Board), which levy taxes on Miami-Dade property owners.
He recalled his election promise to establish the correct values for Miami-Dade properties and said that is exactly what his
Office has done.
Mr. Garcia expressed concern that despite the $8.4 billion in new construction value, the taxing authorities nevertheless
face a major dilemma: how to provide services residents expect in light of declining property values.
"We all have to be concerned with this dilemma," Mr. Garcia said. -However, as I have slated to the County Mayor,
County Chairman and Commissioners and other elected leaders, I am even more concerned with the daily struggles of
residents during these difficult economic times.'
The next step will be the delicate and difficult task for the various cities and the County to set their budgets and proposed
tax rates for their respective jurisdictions.
After the taxing authorities have set their proposed tax rates, the Property Appraiser's Office will, on August 24'", mail a
Notice of Proposed Property Taxes to each property owner in the county.
MIAMI-DADE COUNTY PROPERTY APPRAISER'S OFFICE
111 NW 15` Street: Suite 710
Miami, Florida 33128
MIAMI-DADE COUNTY
OFFICE OF THE PROPERTY APPRAISER -
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2009 PRELIMINARY ROLL ANALYSIS BY TAXING AUTHORITY '~
JULY 1, 2009
2008 2009 PRELIMINARY 2009 TAXABLE
PRELIMINARY TAXABLE VALUE NET NEW PRELIMINARY VALUE
TAXABLE BEFORE NEW PERCENT TAXABLE TAXABLE PERCENT
TAXING AUTORITY VALUE CONSTRUCTION CHANGE VALUE VALUE CHANGE
01 MIAMI 39.684.734,032 33.449,627,330 -'S.7?ki 3.699,563,662 37,149.190.992 -6-4".'0
Ut 61 MIAMI (UDA) '.0.075,325.487 8.274,335.476 -77 9'i° 2.763,090,955 11,037,428.431 9.5Yk
02 MIAR418EACH 26.898
698.386 22.912,660.362 -14.8°'^ 1,782256,1x2 24.694,916.494 -8.2%
0201 R46 NORMANDY SHORES ,
144;174,761 116,094,673 -19.5% 1,614.484 177.709,157 -18.44'0
03 CORAL GABLES 13.414,845,503 12A08.440.631 -7.6% 301,695.338 12,710.135,969 -5.3°.'S
U4 HIALEAH 10.688.837.569 9,529.736,149 -10.8^!0 69,770,26? 9:589,506,410 -10.2%
05 MIAMI SPRINGS 1,090.250.653 955.164416 -9.6% 5.047,393 990,211,809 -9.210
O6 NORTH MIAMI 3.257.854,149 '2.803.745,065 ~'3.9% 19,929734 2,823.674,799 -13.3%
07 NORTH MIAMI BEACH 2.647,683.672 2,285,498,643 -14 44'0 4.296,540 2,269,795.183 -14.3%
OS OPA-LOCKA 974,444.294 913.381,919 ~.3°.4 18,800.415 932,762.334 -0.3%
09 SOUTH MIAMI 1,690.951,450 1,522.573.311 -10.0% 11,704,635 1,534,277.946 -9 3°%0
10 HOMESTEAD 3,964,837.912 2.915.488.444 26.5% 70.877,973 2,986.366;417 24.744
1 t MIAMI SHORES 922,679,212 790.404,546 -14.3% 7.744,262 798.148,808 -13.5%
12 BAL HARBOUR 2.812,163.608 2,315.205.282 -10.6% 6,700.215 2,527,905,497 -'0.3%
13 BAY HARBOR ISLANDS 858.724,442 753.036.930 -' 2.3% 9,663.885 762,700.615 -11.2"4
:4 SURFSIDE 1,400434.957 1.172,586.899 -1634+0 176,696 1,172,763.595 -16.3%
15 WEST MIAMI 394,542.265 356.685,54'. -9.6:•4 1,059,285 357.744,826 -9.345
16 FLORIDA CITY 628.850,321 704.438,192 -i5A% 15,535.745 719.973,937 -131°.~0
17 BISCAVNE PARK 178,095,523 167,541,127 -5-94'0 1;080.793 168,627.920 -5.3%
18 EL PORTAL '26,807,321 104,260,441 -17.844 563,298 104,823,739 -17.3%
19 GOLDEN BEACH 725.190,545 708,'62,562 -2.3% 4,21073x 712,373,295 -'.A44
20 PINECREST 3.938.373,294 3.854.813737 -7.2°.~0 57,185,866 3,721,999,603 ~5.54b
21 INDIAN CREEK 361,072.715 342;851,403 -5.04h -771,784 342,079,619 -5.3%
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22 MEDLEY 2,037.826.225 1.969,740.823 -3.3% 54?3b.U35 2,024;478,858 -U.74
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23 N. BAY VILLAGE 1,162487.427 898.960.532 -22.7% 40,565.821 939.526.353 -192".'S
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24 KEY BISCAYNE 6.436,727.418 5,920.672.854 -8.044 15.543,763 5.936,216.017 -7.79
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255WEETWATER 469.44d,963 399.547,525 -14.9% 2.830,604 402,378.129 -14.3`%~.
26 VIRGINIA GARDENS 239.482.328 214,729.154 -'0.3% -5.067 214,724,087 10.3/
27 HIALEAH GARDENS 1.272,224.230 1,!22,803.879 -11]"./0 32;744.532 1,155,548,511 -9.2%
28 AVENTUFiA 9.439,807,532 7,85'.165,279 -1fi.8"i0 212.669.674 8,063,834.953 -14.6%
291SLANDIA 374,763 374,763 OD% 0 374.763 0-0°'0
30 UNINCORPORATED 76.880.588A23 67.453,181.968 -122°./0 772,882,790 68.236.064 758 -17.2'k
31 SUNNY ISLES BEACH 6,294.740.153 5,185.213,43? -17.6°.'S 946.428.214 6,131,641,645 -2.6%
32 MIAMI LAKES 3.162.000."028 2.859.1? 2248 -9.6% 14,387.286 2,873.498.534 9 1°'~
33 PALMETTO BAY 2.808?23.245 2.516.862,088 -10.4% 20,366.333 2,537.228.421 -9.755
34 MIAA11 GARDENS 4.834,595.603 4,491.678,037 -7.1% 11,926.781 4,503,fi04,818 -6.8'11
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