LTC 159-2010 June 1, 2010 Preliminary Assessment Roll Estimatem MIAMIBEACH
OFFICE OF THE CITY MANAGER
NO. LTC # is9-2oio LETTER ~~T~II~P~~~~1
TO: Mayor Matti Herrera Bower and Members of the City Commission
FROM: Jorge M. Gonzalez, City Manager
DATE: June 1, 2010
SUBJECT: JUNE 1, 2010 PRELIMINARY ASSESSMENT ROLL ESTIMATE
The purpose of this LTC is to transmit the preliminary 2010 property assessment values for
the City of Miami Beach (attached).
These values reflect a decline in existing property values from the 2009 Preliminary Taxable
Value ($24.695 billion) to the 2010 Estimated Taxable Value ($22.049 billion), a decline of
approximately 10.7%. Applying this decline to our General Fund Property Tax revenues
would result in a reduction of approximately $12.74 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 10.7% Citywide. The breakdown between General
Fund and Development Areas is still pending. We have typically received the RDA
component of these values a few days after receipt of the June 1 st values and will provide
any updated analysis at that time.
It should be noted that our preliminary estimates contemplated a reduction of up to 15%
which equated to approximately $17.5 million. The Property Appraiser's estimate reduces
that amount by approximately $4.7 million.
If you have any questions or need additional information, please feel free to contact me.
JMG/KGB
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June 1, 2010
Ms. Patricia Walker
Chief Fin. Officer
City of Miami Beach
1700 Convention Center Drive
Miami Beach, FL 33139
Dear Ms. Walker:
RE: 2010 ESTIMATED TAXABLE VALUE
MIAMI-DARE COUNTY
OFFICE OF THE PROPERTY APPRAISER
ADMINISTRATIVE DIVISION
Honorable Pedro J. Garcia
Property Appraiser
The June 151 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 continue to see a decline in property values, which was evident as we evaluated the various market
factors and conditions reflected in the estimate below.
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 1s1. 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.
$22,049,000,000
Sincerely,
Pedro J. Garcia
Property Appraiser
1t1 NW 1sT STREET, SUITE 710 MIAMI, FLORIDA 33128
PHONE: 305-375-4008 FAX: 30i-37i-3024
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