LTC 309-2018 Preliminary Assessment Roll EstimateMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC#
TO:
FROM:
DATE:
SUBJECT:
309-2018
ER TO COMMISSION
Mayor Dan Gelber and Members of the City mission
Jimmy L. Morales, City Manag
June 1,2018
PRELIMINARY ASSESSMENT R LL ESTIMATE
The purpose of this Letter to Commission (LTC) is to transmit the preliminary 2018 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 2019
budget. The attached preliminary values provided by the Miami -Dade County Property Appraiser are an
estimate, and are subject to change. Typically, the difference between the preliminary and certified values
is minor.
The attached values reflect an increase in property values of approximately $1.3 billion, or 3.4%, from the
2017 Preliminary Taxable Value ($37.4 billion) to the 2018 Estimated Taxable Value ($38.7 billion).
Applying this increase in values to General Fund property tax revenues would result in a preliminary
increase of approximately $5.8 million in tax revenue citywide. However, based on preliminary revenue and
expenditure projections, the General Fund reflects a deficit of $5.4 million. The newly developed Program
Budget will be used to help identify potential reductions in service levels to balance the FY 2019 Budget.
The Normandy Shores Local Government Neighborhood Improvement District reflects an increase in
property values of approximately $10.8 million, or 5.5%, from the 2017 Preliminary Taxable Value ($198
million) to the 2018 Estimated Taxable Value ($209 million).
Miami Beach
Normandy Shores
2017 Preliminary
Taxable Value
37,397,062,490
198,161, 758
2018 Estimated
Taxable Value
38,653,000,000
209,000,000
$ Change
1,255,937,510
10, 838, 242
Change
3.4%
5.5%
Please note, however, the impact of this 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 3.4% 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.
Included in the attachment provided is a summary of the preliminary 2018 property assessment values for
all municipalities in Miami -Dade County.
If you have any questions or need additional information, please feel free to contact me.
iI
JLMIJ'W TOS
Attachment
2018
JUNE 1ST
ESTIMATE
53,071,000,000
19,378,000,000
38,653,000,000
209,000,000
15,927,000,000
10,328,000,000
1,189,000,000
3,076,000,000
2,919,000,000
889,000,000
1,902,000,000
2,837,000,000
1,114,000,000
5,476,000,000
1,205,000,000
3,076,000,000
546,000,000
508,000,000
217,000,000
158,000,000
1,089,000,000
4,788,000,000
607,000,000
2,240,000,000
1,077,000,000
8,514,000,000
1,757,000,000
268,000,000
1,272,000,000
10,256,000,000
76,512,000,000
11,057,000,000
3,199,000,000
2,927,000,000
4,564,000,000
13,135,000,000
2,511,000,000
288,859,000,000
162,362,000,000
262,880,000,000
320,941,000,000
291,101,000,000
291,101,000, 000
291.101.000.000
MIAMI-DADE COUNTY
PROPERTY APPRAISER
2018 Estimated Taxable Values by Taxing Authority
JUNE 1, 2018
TAXING AUTORITY
01 MIAMI
0101 MIAMI ( DDA )
02 MIAMI BEACH
0201 MB NORMANDY SHORES
03 CORAL GABLES
04 HIALEAH
05 MIAMI SPRINGS
06 NORTH MIAMI
07 NORTH MIAMI BEACH
08 OPA-LOCKA
09 SOUTH MIAMI
10 HOMESTEAD
11 MIAMI SHORES
12 BAL HARBOUR
13 BAY HARBOR ISLANDS
14 SURFSIDE
15 WEST MIAMI
16 FLORIDA CITY
17 BISCAYNE PARK
18 EL PORTAL
19 GOLDEN BEACH
20 PINECREST
21 INDIAN CREEK
22 MEDLEY
23 N. BAY VILLAGE
24 KEY BISCAYNE
25 SWEETWATER
26 VIRGINIA GARDENS
27 HIALEAH GARDENS
28 AVENTURA
30 UNINCORPORATED
31 SUNNY ISLES BEACH
32 MIAMI LAKES
33 PALMETTO BAY
34 MIAMI GARDENS
35 DORAL
36 CUTLER BAY
COUNTY -WIDE
FIRE AND RESCUE
LIBRARY
SCHOOL BOARD
S FL WATER MNGT DIST
FL INLAND NAV DIST
THE CHILDREN'S TRUST
2017
PRELIMINARY
TAXABLE
VALUE
49,621,309,999
18,781,633,588
37,397,062,490
198,161,7581
15,172,014,090
9,500,349,638
1,121,725,782
2,839,843,057
2,535,675,965
803,622,462
1,793,210,812
2,608,632,678
1,052,123,341
5,314,206,510
1,031,587,742
2,150,458,492
475,308,716
466,739,387
195,190,024
147,250,932
1,035,263,421
4,595,327,858
570,381,417
2,093,417,657
1,037,240,053
8,646,769,884
1,664,458,925
261,912,040
1,165,367,342
10,098,997,863
71,679,964,217
11,097,893,299
3,017,332,354
2,808,998,560
4,206,824,771
12,080,554,247
2,371,190,614
2018 ESTIMATED
TAXABLE VALUE
BEFORE NEW
CONSTRUCTION
51,643,000,000
18,696,000,000
38,556,000,000
208,000,0001
15,766,000,000
10,189, 000,000
1,179,000,000
3,034,000,000
2,681,000,000
873,000,000
1,878,000,000
2,752,000,000
1,113,000,000
5,263,000,000
1,083,000,000
2,072,000,000
504,000,000
500,000,000
215,000,000
158,000,000
1,075,000,000
4,753,000,000
607,000,000
2,203,000,000
1,077,000,000
8,495,000,000
1,739,000,000
268,000,000
1,238,000,000
10,023,000,000
75,609,000,000
11,030,000,000
3,134,000,000
2,922,000,000
4,509,000,000
12,540,000,000
2,502,000,000
272,431,699,283 283,180,000,000
152,301,861,642 158,528,000,000
249,257,422,242 258,838,000,000
PERCENT NEW
CHANGE CONSTRUCTION
4.1% 1,428,000,000
-0.5% 682,000,000
3.1% 97,000,000
5.0%1 1,000,000
3.9% 161,000,000
7.2% 139,000,000
5.1% 10,000,000
6.8% 42,000,000
5.7% 238,000,000
8.6% 16,000,000
4.7% 24,000,000
5.5% 85,000,000
5.8% 1,000,000
-1.0% 213,000,000
5.0% 122,000,000
-3.6% 1,004,000,000
6.0% 42,000,000
7.1% 8,000,000
10.1% 2,000,000
7.3% 0
3.8% 14,000,000
3.4% 35,000,000
6.4% 0
5.2% 37,000,000
3.8% 0
-1.8% 19,000,000
4.5% 18,000,000
2.3% 0
6.2% 34,000,000
-0.8% 233,000,000
5.5% 903,000,000
-0.6% 27,000,000
3.9% 65,000,000
4.0% 5,000,000
7.2% 55,000,000
3.8% 595,000,000
5.5% 9,000,000
3.9% 5,679,000,000
4.1% 3,834,000,000
3.8% 4,042,000,000
305,125,757,799 315,258,000,000 3.3% 5,683,000,000
274,675,558,823 285,418,000,000
274,675,558,823 285,418,000,000
274,675,558,823 285,418,000,000
3.9% 5,683,000,000
3.9% 5,683,000,000
3.9% 5,683,000,000
PERCENT
CHANGE
FROM 2017
7.0%
3.2%
3.4%
5.5%1
5.0%
8.7%
6.0%
8.3%
15.1%
10.6%
6.1%
8.8%
5.9%
3.0%
16.8%
43.0%
14.9%
8.8%
11.2%
7.3%
5.2%
4.2%
6.4%
7.0%
3.8%
-1.5%
5.6%
2.3%
9.2%
1.6%
6.7%
-0.4%
6.0%
4.2%
8.5%
8.7%
5.9%
6.0%
6.6%
5.5%
5.2%
6.0%
6.0%
6.0%