LTC 291-2017 June 1, 2017 Preliminary Assessment Roll EstimateMIAMI BEACH
OFFICE OF THE CITY MANAGER
NO. LTC# 291-2017 LETTER TO COMMISSION
TO: Mayor Philip Levine and Members o the City C
DATE: June 2, 2017
SUBJECT: JUNE 1, 2017 PRELIMINARY ASS SSMENT ROLL ESTIMATE
The purpose of this Letter to Commission is to transmit the preliminary 2017 property
assessment values for the City of Miami Beach. The preliminary figures are an estimate, which
are subject to change. Attached is a summary of the 2017 preliminary property assessment
values for all municipalities.
The preliminary 2017 property assessment values reflect an increase in existing property values
from the 2016 Certified Taxable Value ($34.697 billion) to the 2017 Preliminary Taxable Value
($37.294 billion) of approximately 7.5 percent or $2.596 billion. The 2017 Preliminary Taxable
Value includes $812 million of new construction compared to $1.156 billion of new construction
in the 2016 Certified Taxable Value (a decrease of 30.3 percent or $353 million).
July 2016
Certified
33,532,510,312
1,165,246,796
34,697,757,108
~'i61g,'t~#iMg'
29,085,012,265
Property Tax Revenue Projection Variance
June 2017
Preliminary
31,119,000,000
171,964,000
11,352,000
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 7.5 percent increase Citywide. The breakdown between
General Fund and RDA areas are still pending, however, this analysis assumes a 10 percent
increase in the City Center RDA property values. Applying these assumptions to the General
Fund Property Tax revenues would result in a projected increase of approximately $11.3 million
of tax revenue citywide for the FY 2017/18 Operating budget. As shown in the table below, the
RDA has on average, grown by more than 1 0 percent in three of the last four fiscal years, or an
average of 14.8 percent since 2013. As such, there is a strong possibility that the RDA
component could grow by more than 10 percent year over year which would reduce the property
tax revenues to the General Fund. We typically receive the RDA component with the July 1st
values and will provide any updated analysis at that time.
LTC-JUNE 1, 2017 PRELIMINARY ASSESSMENT ROLL ESTIMATE
Page 2 of2
Prope(ty'As:se$~rnent ·
Existing Values
New Construction
July 2013
Certified
July 2014
Certified
July 2015
Certified
July 2016 June 2017
Certified Preliminary
24,578,430,867 26,952,138,331 30,430,853,418 33,532,510,312 36,482,000,000
78,146,022 152,208,101 267,037,447 1' 165,246,796 812,000,000
Total 24,656,576,889 27,104,346,432 30,697,890,865 34,697,757,108 37,294,000,000
Percent Increase 12.0% 9.9% 13.3% 13.0% 7.5%
.city o~nte,r fRGJA ·· ~.871[46~,7;31. '4;18s,ees;0:74 .. 4,821,643,185 P,M~;~744,&1i3 •· 6,17o,ooo,ooo
Percent Increase 24.3% 8.1% 15.2% 16.4% 10.0%
Ci wide Total 20,785,167,158 22,917,663,358 25,876,247,680 29,085,012,265 31,119,000,000
The preliminary 2017 property assessment values also reflect a slowdown in the property value
increases we have experienced for the past several years, as shown in the decline from July
2015 increase in certified values to the June 2017 preliminary estimate.
Although the June 2017 preliminary property values increased 7.5 percent, the operating
budget, on average, has increased by about 5 percent which in FY 2016/17 translated to an
increase of about $16 million. Furthermore, as discussed during the FY 2016/17 budget
development process, the proposed FY 2017/18 Operating budget will include a proposed
reduction in the Parking Fund transfer to the General Fund of $4.4 million. Lastly, the declining
trends in Resort Tax collections we have experienced this current fiscal year could potentially
result in a lower transfer from Resort Tax to the General Fund in the FY 2017/18 Operating
budget. As we move forward in the FY 2017/18 Operating budget development, OBPI will work
with Staff to identify efficiencies in order to close any funding gap. I do not, however, anticipate
proposing any new enhancements to the General Fund portion of the FY2017 /18 Operating
Budget beyond those that have already been incorporated or approved by the City Commission
during the course of the current fiscal year.
On July 1st, we will receive the certified property assessment values, which will be the values
used for budget purposes. Typically the difference between the preliminary and certified values
is minor.
If you have any questions or need additional information, please feel free to contact me.
JLM/CGR
\J}~~--
MIAMI-DADE COUNTY
PROPERTY APPRAISER
2017 Estimated Taxable Values by Taxing Authority
JUNE 1 2017
2016
PRELIMINARY PERCENT
CHANGE
TAXING AUTORITY FROM 2016
01 MIAMI 11.3%
01 01 MIAMI ( DDA) 12.5%
02 MIAMI BEACH 34,697,757,108 36,482,000,000 5.1% 7.5%
0201MBNORMANDYSHORES 176,059,811 196,200,000 11.4% 11.9%
03 CORAL GABLES 14,389,132,612 15,024,000,000 4.4% 5.1%
04 HIALEAH 8,533,649,696 9,271 ,000,000 8. 11.2%
05 MIAMI SPRINGS 1,050,756,136 1 '117,500,000 6. 7.0%
06 NORTH MIAMI 2,603,435,134 2,838,000,000 9. 9.3%
07 NORTH MIAMI BEACH 2,330,919,734 2,527,000,000 8. 8.9%
08 CPA-LOCKA 751,530,607 803,500,000 6. 6.8%
09 SOUTH MIAMI 1 ,692,410,228 1,781 '1 00,000 5. 5.8%
1 0 HOMESTEAD 2,316,513,457 2,489,500,000 7. 12.5%
11 MIAMI SHORES 97 4, 796,046 1 ,048,400,000 7. 7.8%
12 SAL HARBOUR 4,433,731,559 4,503,000,000 1. 19.8%
13 BAY HARBOR ISLANDS 880,111 ,322 1 ,015,500,000 15. 16.9%
14 SURFSIDE 1 ,689,439,338 1 '778,000,000 5. 26.5%
15 WEST MIAMI 368,149,163 417,000,000 13. 28.2%
16 FLORIDA CITY 460,489,467 462,700,000 0. 1.0%
17 BISCAYNE PARK 176,894,419 193,800,000 9. 10.2%
18 EL PORTAL 129,830,872 147,680,000 13. 14.0%
19 GOLDEN BEACH 952,564,565 1 ,029,875,000 8.1%
PINECREST 4,380,870,849 4,551,000,000 3. 4.8%
547,987,077 569,910,000 4. 4.0%
1 ,986, 106,744 2,064,400,000 3. 4.7%
N. BAY VILLAGE 959,707,508 1,028,200,000 7.5%
8,339,284,877 8,615,900,000 3.6%
1,557,673,900 1 ,629,400,000 4.6% 6.4%
VIRGINIA GARDENS 243,065,483 261,000,000 7.4% 7.4%
HIALEAH GARDENS 1,091,423,081 1 '154,200,000 5.8% 7.0%
AVENTURA 9,901 ,694,244 10,081,700,000 1.8% 1.9%
UNINCORPORATED 66,613,469,754 70,591 ,000,000 6.0% 7.5%
1 SUNNY ISLES BEACH 10,111 ,428,895 10,291 ,000,000 1.8% 9.6%
2,809,602,232 2,980,200,000 6.1% 8.5%
2,659,717,359 2,805,800,000 5.5% 5.7%
MIAMI GARDENS 3,840,602,830 4,084,400,000 6.4% 9.3%
11 '134,952,688 11,510,000,000 3.4% 8.0%
CUTLER BAY 2,234,838,286 2,369,000,000 6.0% 6.2%
251,337,011,475 264,010,000,000 5.0% 8.2%
140,871,793,499 148,129,000,000 5.2% 8.0%
230,877,177,404 242,232,000,000 4.9% 7.8%
284,845,924,926 296,811,000,000 4.2% 7.0%
FL WATER MNGT DIST 253,337' 152,718 266,203,000,000 5.1% 8.3%
253,337' 152,718 266,203,000,000 5.1% 8.3%
CHILDREN'S TRUST 2 000 000 5.1% 8.3%