LTC 141-2009 June 1, 2009 Preliminary Assessment Roll Estimatem MIAMIBEACH
OFFICE OF THE CITY MANAGER
NO. LTC # 141 -2009 LETTER TO COMMISSION
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager ~
DATE: June 1, 2009
SUBJECT: JUNE 1, 2009 PRELIMINARY ASSESSMENT ROLL ESTIMATE
The purpose of this LTC is to transmit the preliminary 2009 property assessment values for
the City of Miami Beach (Attachment 1).
These values reflect a decline in existing property values from the 2008 Preliminary Taxable
Value ($26.899 billion) to the 2009 Estimated Taxable Value ($22.963 billion), a decline of
14.6%. This decline is partially mitigated by $1.229 billion in new construction for a net
decline of 10.1 % in the City of Miami Beach. Please note, however, that the impact on the
General Fund will be affected by the portion of the changes that occurred inside the City's
redevelopment areas (RDAs) versus outside the RDA. None the less, the impact is
dramatic, and is additive to the $13.8 million gap presented on May 9, 2009 at the annual
Commission retreat (Attachment 2).
We are hopeful of receiving the RDA's component of these values this week and will provide
an updated analysis at that time.
If you have any questions or need additional information, please feel free to contact me.
JMG/KGB/PAR
F:\obpi\$BUD\BUDDOC\10-BUDILTC June 1, 2009 Tax Roll Estimate.doc
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ATTACHMENT 1
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tune 1, 2009
Honorable Matti Bower
Mayor
City of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
Dear Honorable Bower:
RE: 2009 ASSESSMENT ROLL ESTIMATE
MIAMI-DARE COUNTY
OFFICE OF THE PROPERTY APPRAISER
ADMINISTRATIVE DIVISION
Honorable Pedro J. Garcia
Property Appraiser
The June 1St estimate information listed below is being provided in accordance with Chapter 200.065(7),
Florida Statutes, so that you may start preparing for next year's budget.
In developing the 2009 assessment roll, an unprecedented decline in property values was evident as we
evaluated the various market factors and conditions, which are reflected in the estimate below. This
estimate also includes implementation of the ten percent (10%) cap on non-homesteaded properties--
the fourth component of the Amendment 1 property tax relief package approved by Florida voters in
January 2008. However, because of the general decline in property values, the 10% cap had little impact
on the assessment roll.
The month of June is historically the most alive and concentrated period at the end of the assessment
cycle in terms of preparing the assessment roll for completion by July 1~t. 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.
$24,191,000,000
Sincerely,
Pedro 1. Garcia
Property Appraiser
Attachment
c: Patricia Walker
111 NW i5T STREET, SUITE 710 MIAMI, FLORIDA 33128
PHONE: 305-375-4008 FAX: 305-375-3024
WEB SITE: W~W.MIAMIDADS.GOV/PA
MIAMI-DADE COUNTY PROPERTY APPRAISER
INFORMATION SERVICES DIVISION
Tune 1 2009
2008 2009 ESTIMATED
PRELIMINARY TAXABLE VALUE 2009 PERCENT
TAXABLE BEFORE NEW PERCENT NEW JUNE 1ST CHANGE
TAXING AUTORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION ESTIMATE FROM 2008
01 MIAMI 39,684,734,032 33,427,000,000 -15.8% 3,629,000,000 37,056,000,000 -6.6%
011 MIAMI (DDA) 10,075,325,487 8,075,000,000 -19.9°k 2,745,000,000 10,820,000,000 7.4%
02 MIAMI BEACH 26,898,698,386 22,962,000,000 -14.6°k 1,229,000,000 24,191,000,000 -10.1°r6
0201 MB NORMANDY SHORES 144,174,761 117,000,000 -18.8°k 2,000,000 119,000,000 -17.5%
03 CORAL GABLES 13,414,845,503 12,291,000,000 -8.4% 321,000,000 12,612,000,000 -6.0%
04 HIALEAH 10,688,837,569 9,611,000,000 -10.1°k 82,000,000 9,693,000,000 -9.3°k
05 MIAMI SPRINGS 1,090,250,653 987,000,000 -9.5% 5,000,000 992,000,000 -9.0%
06 NORTH MIAMI 3,257,864,149 2,811,000,000 -13.7% 12,000,000 2,823,000,000 -13.3%
07 NORTH MIAMI BEACH 2,647,683,672 2,275,000,000 -14.1°k 4,000,000 2,279,000,000 -13.9%
08 OPA-LOCKA 974,444,294 892,000,000 -8.5°k 17,000,000 909,000,000 -6.7%
09 SOUTH MIAMI 1,690,951,450 1,536,000,000 -9.2% 12,000,000 1,548,000,000 -8.5%
10 HOMESTEAD 3,964,837,912 3,186,000,000 -19.6% 57,000,000 3,243,000,000 -18.2%
11 MIAMI SHORES 922,679,212 808,000,000 -12.4°k 2,000,000 810,000,000 -12.2°k
12 BAL HARBOUR 2,812,143,606 2,463,000,000 -12.4% 5,000,000 2,468,000,000 -12.2%
13 BAY HARBOR ISLANDS 858,724,442 740,000,000 -13.8% 25,000,000 765,000,000 -10.9°k
14 SURFSIDE 1,400,434,957 1,184,000,000 -15.5% 0 1,184,000,000 -15.5°k
15 WEST MIAMI 394,542,265 360,000,000 -8.8% 1,000,000 361,000,000 -8.5%
16 FLORIDA CITY 828,850,321 689,000,000 -16.9°k 16,000,000 705,000,000 -14.9%
17 BISCAYNE PARK 178,095,523 170,000,000 -4.5% 1,000,000 171,000,000 -4.0%
18 EL PORTAL 126,807,321 107,000,000 -15.6°k 1,000,000 108,000,000 -14.8%
19 GOLDEN BEACH 725,190,545 722,000,000 -0.4% 3,000,000 725,000,000 0.0%
20 PINECREST 3,938,373,294 3,600,000,000 -8.6% 59,000,000 3,659,000,000 -7.1%
21 INDIAN CREEK 361,072,715 343,000,000 -5.0°k 0 343,000,000 -5.0°k
22 MEDLEY 2,037,826,225 1,941,000,000 -4.8% 67,000,000 2,008,000,0 -1.5%
23 N. BAY VILLAGE 1,162,487,427 891,000,000 -23.4% 37,000,000 928,000,000 -20.2%
24 KEY BISCAYNE 6,434,727,418 5,903,000,000 -8.3% 17,000,000 5,920,000,000 -8.0°h
25 SWEETWATER 469,444,963 400,000,000 -14.8% 3,000,000 403,000,000 -14.2%
26 VIRGINIA GARDENS 239,482,328 218,000,000 -9.0% 0 218,000,000 -9.0°k
27 HIALEAH GARDENS 1,272,224,230 1,112,000,000 -12.6% 28,000,000 1,140,000,000 -10.4%
28AVENTURA 9,439,807,532 7,637,000,000 -19.1% 166,000,000 7,803,000,000. -17.3°k
291SLANDIA 374,763 374,763 0.0% 0 374,7&$ 0.0%
30 UNINCORPORATED 76,880,588,023 69,062,000,000 -10.2% 741,000,000 69,803,000,000 -9.2%
31 SUNNY ISLES BEACH 6,294,740,153 5,190,000,000 -17.6% 709,000,000 5,899,000,000 -6.3%
32 MIAMI LAKES 3,162,000,628 2,893,000,000 -8.5% 14,000,000 2,907,000,000 -8.1°k
33 PALMETTO BAY 2,808,723,249 2,509,000,000 -10.7% 11,000,000 2,520,000,000 -10.3%
34 MIAMI GARDENS 4,834,595,603 4,548,000,000 -5.9% 25,000,000 4,573,000,000 -5.4°k
35 DORAL 11,045,325,096 10,049,000,000 -9.0% 59,000,000 .10,108,000,000 -8.5%
36 CUTLER BAY 2,812,486,129 2,369,000,000 -15.8% 17,000,000 2,386,000,0 -15.2%
COUNTY-WIDE 245,562,406,227 215,764,000,000 -12.1% 7,246,000,000 223,010,000,000 -9.2%
FIRE AND RESCUE 148,559,436,879 131,729,000,000 -11.3% 1,968,000,000 133,697,000,000 -10.0%
LIBRARY 223,114,853,199 196,022,000,000 -12.1% 7,116,000,000 203,138,000,000 -9.0%
SCHOOL BOARD 257,726,238,166 229,965,000,000 -10.8% 7,246,000,000 237,211,000,000 -8.0%
S FL WATER MNGT DIST 247,463,592,068 219,833,000,000 -11.2% 7,246,000,000 227,079,000,000 -8.2%
FL INLAND NAV DIST 247,463,592,068 219,833,000,000 -11.2% 7,246,000,000 227,079,000,000 -8.2%
THE CHILDREN'S TRUST 247,463,592,068 219,833,000,000 -11.2% 7,246,000,000 227,079,000,000 -8.2%
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FOR IMMEDIATE RELEASE: MEDIA CONTACT:
Patrick Smikle, Public Information Officer
TEL: 305.375.4789
E-MAIL: smikleg _miamidade.gov
PROPERTY APPRAISER'S ESTIMATES CONFIRM
DROP IN MIAMI-DADE'S REAL ESTATE MARKET VALUES
(MIAMI, June 1, 2009) -Miami-Dade Property Appraiser Pedro J. Garcia today released the annual
report on Real Estate and Tangible Personal Property (business equipment) in the county.
Mr. Garcia noted that last year's County taxable value was $245,562,406,227. The 2009 re-assessment
of taxable value for existing properties is estimated at $215,764,000,000, adecline of 12.1% as compared
to last year. When factoring in the County's New Construction value, the 2009 taxable value in the
County is $223,010,000,000, a 9.2% decline from 2008.
He said the data confirmed the negative trend his staff had detected since the early stage of the analysis.
The data Mr. Garcia released today allows the taxing authorities; County Government, the 35 municipal
governments, the School Board and the South Florida Water Management District, to begin preparation
of their respective budgets.
The June 1, 2009 estimates include implementation of a ten percent cap on the assessment of non-
homestead properties, the fourth component of the `Amendment 1' property tax relief package Florida
voters approved in January 2008. However, Mr. Garcia said, because of the general decline in property
values, the ten percent cap had little impact on the tax roll.
The other three components of Amendment One went into effect last year. Those were a $25,000
increase the Homestead Exemption, Portability, which allowed homeowners to transfer all or part of their
accumulated Save Our Homes benefit from one homesteaded property to another and a $25,000
exemption on business equipment.
The estimate of value for individual properties will be provided in August when the Property Appraiser's
Office mails a Notice of Proposed Property Taxes (also called a TRIM Notice) to each property owner in
Miami-Dade County.
Mr. Garcia emphasized that the data released today was only a preliminary estimate of the 2009 values.
The certified tax roll will be issued on July 1.
###
ATTACHMENT 2
m MIAMIBEACH
2009 RETREAT
FY 2009/10 GENERAL FUND PRELIMINARY PROJECTIONS
REVENUES:
Ad Valorem -City
Ad Valorem -City (Jan 08 Amendment 1)
Millage-Capital Renewal & Repl
Interest Earnings
i Franch & Util taxes
Licenses
~ Permits
Amended CDT agreement
Other Intergovernmental
Charges for Service
Rents and Leases
Other Sources
Miscellaneous
Resort Tax
Golf Courses
New/Enhanced Revenues
TOTAL
EXPENSES:
Budget FY Changes For FY
2008/09 2009110 as of April 2
126,286,926
(2,468,715)
2,218,974
6,310,000
24,001, 750
3,881,000
10,926,042
0
10,001,420
4,386,181
4,483,002
7,162,550
9,760,555
21,865,440
6,551,800
TBD
TBD
TBD
(974,000)
338,000
(336,000)
(458,000)
TBD
(667,000)
(377,000)
92,000
214,877
TBD
TBD
(1,105,800)
TBD
Millage-Capital Renewal 8~ Repl 2,218,974 TBD
Step Increases 102,502,142 3,075,481
Health Insurance -Active 9,017,128 901,713
Health Insurance -retiree 4,865,790 486,579
Pension -Police & Fire 19,497,889 3,156,162
Pension -General 7,896,519 2,843,838
Other Fringes 17,840,182 385,000
Internal Service Funds 26,116,216 588,000
Fuel 2,329,655 (768,000)
Elections 0 150,000
Citywide Accts 8~ Contingency 11,616,269 TBD
Transfers to Capital 8,680,000 TBD
Golf Courses 7,163,910 (798,910)
All Other Costs 14,856,217 470,000
Preliminary CSL Budget $ 234,800,891 $ 245,856,788
Maintenance & Service of new projects coming 766,034 0
on line
Homeowner's Dividend 0 TBD
GASB 45 (OPEB) 0 TBD
11 % Emergency Reserve 0 TBD
6% Contingency goal 0 TBD
TOTAL 235,366,925 245,858,788
Over/ Under S 0 $ 13,762,786