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LTC 150-2012 June 1, 2012 Preliminary Assessment MIAMI BEACH OFFICE OF THE CITY MANAGER NO. LTC # 150-2012 - - -- - -- LETTER TO COMMISSION TO: Mayor Matti Herrera Bower and Members of the City Commission FROM: Jorge M. Gonzalez, City Manager DATE; June l, SUBJECT: JUNE 1, 2012 PRELIMINARY ASSESSMENT ROLL ESTIMATE The purpose of this LTC is to transmit the preliminary 2012 property assessment values for the City of Miami Beach (attached). These values reflect an increase in existing property values from the 2011 Preliminary Taxable Value ($21.918 billion) to the 2012 Estimated Taxable Value ($22.831 billion), an increase of approximately 3.88 %. Applying this increase to our General Fund Property Tax revenues would result in an increase of approximately $4 million of tax revenue citywide._ Please note, however, the impact on the General Fund will be affected by the portion of the changes that occurred inside the City's redevelopment areas (RDA areas) versus outside the RDA areas, and could vary from the 3.88% Citywide. The breakdown between General Fund and RDA areas are still pending. We have typically received the RDA component of these values with the July 1 St values and will provide any updated'analysis at that. time: Also, attached is .a summary of the 2012 preliminary property assessment values for all municipalities. If you have any questions or need additional information, please feel free to contact me. JMG /KG ' Attachments cn ) MIAMI -DADE COUNTY 1 ` OFFICE OF THE PROPERTY APPRAISER ADMINISTRATIVE DIVISION : -- Honorable Pedro J. Garcia Property Appraiser June 1 2012 _ Ms. Kathie Brooks Finance Director City of Miami Beach 1700 Convention Center Drive Miami Beach, FL 33139 RE: 2012 ASSESSMENT ROLL ESTIMATE Dear Ms. Brooks: The June 1 St estimate information listed below is being provided in accordance with Section 200.065_ (8), . Florida Statutes, so that you may start preparing for next year's budget. We are starting to see stabilization in property values county -wide, which was evident as we evaluated the various market factors and conditions reflected in the estimate below. However, some cities -. continued to see a slight decline in their assessed value reflective of weaker real estate markets within their area. The month of June is historically the most active and concentrated period at the end of the assessment cycle in terms of preparing the assessment roll for completion by July 1 As such, projections used in preparing the figure provided below represent the best available estimate for measuring changes taking effect during June. Additional fine- tuning of assessments is forthcoming and, 'for some taxing authorities, further adjustments may occur. If you have questions or need clarification, please call my Deputy Property Appraiser, Lazaro Solis at 305 - 375 -4004. $22,831,000,000 Sincerely, Pedro J. Garcia Property Appraiser III NW 1'T S'1'KI {N.'1', SUITE 710 MIAMI, FLORIDA 33128 1 305 -37S -4008 FAX: 305 -375 -3024 -AA:11 SITE: WWW.MIA1,1112 ADE.GOV /PA MIAMI -DADE COUNTY OFFICE OF THE PROPERTY APPRAISER 2012 Estimated Assessment Values JUNE 1, 2012 201TPRELIMINARY ', s 2012 PERCENT TAXABLE JUNE 1ST ? CHANGE TAXING AUTHORITY - VALUE : ESTIMATE§] FROM 2011 .. 01 MIAMI 30,352,746 208 30,909 000 000' 1.83% 0101 MIAMI (DDA) 10,996,404,695 = J 11,388' 3.56% 02 MIAMI BEACH 21,978,289 22 3.88% 0201 MB NORMANDY SHORES 104 853 112 `1000 000 7.27% ,, 03 CORAL GABLES 11,870,832 915 moib,000,000 1.25% 04 HIALEAH 7,286,368 554 � 7 209 000,000 -1.06% 05 MIAMI SPRINGS 905,241,464:; 913 000,000: 0.86% 06 NORTH MIAMI 2,078,776 841 -2,049, 000;00© 1.43% 07 NORTH MIAMI BEACH 1,742,065 964 174 f 0 000,000 - 0:12% 08 OPA -LOCKA 714,677,660 690 000000 - 3.45.% 09 SOUTH MIAMI 1,413,775,283 1,430 Wd 7 1.15% 10 HOMESTEAD- 1,874,518,067 1805000000 -3.71% 11 MIAMI SHORES 719,515,491 y 740 2.85% 12 BAL HARBOUR 2,343,445,178 3;013 000,000,; 28.57% a 13 BAY HARBOR ISLANDS 577,100 052 E6'oo 0.85% 14 SURFSIDE 1,017,658274 .3 f 1;033000,000 1.51% 15 WEST MIAMI 295.840 581 290 040000 1.97% 16 FLORIDA CITY 468,616 500 442,000 5.68% 17 BISCAYNE PARK 127,623,349 a' " 130,004,001 1.86% 18 EL PORTAL 89,404,211 89 ,000f000 -0.45% , 19 GOLDEN BEACH _ 630.682,606 r 033 000,000 0.37% 20 PINECREST 3,551,445114 3641400;000 2.52% 21 INDIAN CREEK 322,618,125 y000,000 11_90% 22 MEDLEY 1.759,609 898 1;754 000 000 -0.32% 23 N. BAY VILLAGE 644,791 -- ,'000,000 fi4 0.34% 24' KEY BISCAYNE 5,522,872,647 5 7$2 OOd QpO 4.69% 25 SWEETWATER 1,203,307,811 1:232 60000'' 2.38% 26 VIRGINIA GARDENS 186,360 085 1886 ,, 000,000 -0.19% 27 HIALEAH GARDENS 926,60 528 X905 000;000 - 2.33% 28 AVENTURA 7,290,634,319 '', 7;455 0 004', 2.25% ' A " -, 30 UNINCORPORATED 54,761,863 466 54'335 000 -0.78% 31 SUNNY ISLES BEACH 5,848,080 278 7 6;261 000;000 7.06% 32 MIAMI LAKES 2,475,843,932 "" 2,475 Od0 400 - 0.03% 33 PALMETTO BAY 2,358,676,121 2;410000000. 2.18% .. 34 MIAMI GARDENS 3,467,200 467 3;385 040;000' 2.37% 35 DORAL 8,493,113,629'' �"" 08;661 000;000 1.98% 36 CUTLER BAY 1;734,807,493 ' 1.;735 Q, 000' 0.01 .. COUNTY -WIDE 186,962,023 337 y' 18%72%000,000 1.48 FIRE AND RESCUE 109,960,941,233 1,10;978004;000 0.92% .:" LIBRARY 171,220,123400 ;� 173'367000,000 1.25% SCHOOL BOARD 199,754,278,377 204,227,00 2.24% V S FL WATER MNGT DIST 188 -� 191386OOdy004 1.41% FL INLAND NAV DIST 188,721,221 689 r 191386 000;000 1 THE CHILDREN'S TRUST 188.721,221,689 „ 9,1 1.41%