2016-29564 Reso RESOLUTION NO.. 2016-29564
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.7092 MILLS FOR GENERAL OPERATING PURPOSES,
WHICH IS TEN AND ONE-TENTHS PERCENT (10.1%) MORE THAN THE
"ROLLED-BACK" RATE OF 5.1866 MILLS; AND 2) THE DEBT SERVICE
MILLAGE RATE OF 0.1796 MILLS; FURTHER SETTING THE SECOND
PUBLIC HEARING TO CONSIDER THE MILLAGE RATE FOR FISCAL YEAR
(FY) 2016/17, ON TUESDAY, SEPTEMBER 27, 2016 AT 5:01 P.M.
WHEREAS, on July 13, 2016, the City Commission set the proposed general operating
millage rates at 5.7092 mills (excluding debt service) for general operating purposes, equivalent
to the FY 2015/16 general operating millage rate; and 0.1796 mills for debt service, a reduction of
0.0235 mills from the FY 2015/16 debt service rate; and
WHEREAS, Section 200.065, Florida Statutes, requires that at the conclusion of the first
public hearing on the City's proposed tax rate and budget, the City Commission: 1) adopt a
tentative ad valorem millage rate for FY 2016/17 operating purposes; and 2) the required Debt
Service millage rate; this is accomplished by adopting a Resolution that includes the percentage
increase or decrease over the "rolled-back" rate; and
WHEREAS, at this time, the Administration recommends that the City Commission set the
second and final public hearing to consider the aforestated millage rates for FY 2016/17.
NOW THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, as follows:
(1) Pursuant to Section 200.065, Florida Statutes, there is hereby levied a tax for FY
2016/17, on all taxable and non-exempt real and personal property located within the corporate
limits of the City of Miami Beach, Florida, as follows:
(a) For the purpose of operating the government of the City, the rate assigned
amounts to 5.7092 mills. Also included are appropriate reserves and
contingencies, which are not limited to reserves for tax discounts and
abatements of uncollected taxes.
The millage rate reflected is ten and one-tenths percent (10.1%) more than
the "Rolled-back" rate of 5.1866 mills.
(b) For the purpose of providing payment on the principal and interest
portions of the General Obligation Bond Debt outstanding and
miscellaneous debt service expenditures, the rate assigned amounts to
0.1796 mills.
(2) The tentative adopted millage rates for the City of Miami Beach, Florida for FY 2016/17
are subject to a second and final public hearing, herein set for and to be held at 5:01 p.m.,
Tuesday, September 27, 2016, in the City Commission Chambers, City Hall, 1700 Convention
Center Drive, Miami Beach, Florida.
PASSED and ADOPTED this 14th day of September, 2016.
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Phil'$ . ayor
ATTEST:
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Ra ael Granado, ity Clerk APPROVED AS TO
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Resolutions - R7 C
MIAMI BEACH
•
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: September 14, 2016
5:01 p.m. First Reading Public Hearing
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.7092 MILLS FOR GENERAL OPERATING PURPOSES, WHICH
IS TEN AND ONE TENTH PERCENT (10.1%) MORE THAN THE "ROLLED-BACK"
RATE OF 5.1866 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.1796 MILLS; FURTHER SETTING THE SECOND PUBLIC HEARING TO
CONSIDER THE MILLAGE RATE FOR FISCAL YEAR (FY) 2016/17, ON
TUESDAY, SEPTEMBER 27, 2016 AT 5:01 P.M.
Legislative Tracking
Budget& Performance Improvement
ATTACHMENTS:
Description
❑ FY17 General Fund Millage
❑ Resolution
Page 1264 of 2277
MIAMI BEACH
City of Miami Beach, 1700 Convention Center Drive, Miami Beach, Florida 33139,www.miamibeachfl.gov
COMMISSION MEMORANDUM
TO: Mayor Philip Levine and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: September 14, 2016
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.7092 MILLS FOR GENERAL OPERATING PURPOSES, WHICH IS
TEN AND ONE-TENTHS PERCENT (10.1%) MORE THAN THE "ROLLED-BACK"
RATE OF 5.1866 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.1796 MILLS; FURTHER SETTING THE SECOND PUBLIC HEARING TO
CONSIDER THE MILLAGE RATE FOR FISCAL YEAR (FY) 2016/17, ON
TUESDAY, SEPTEMBER 27, 2016 AT 5:01 P. M.
ADMINISTRATION RECOMMENDATION
The Administration recommends that the Mayor and City Commission adopt the attached
resolution which authorizes the City Manager to transmit the following information to the Miami-
Dade County Property Appraiser:
1) Proposed Millage Rates for FY 2016/17:
Operating Millage 5.7092 mills (same as last year)
Voted Debt Service 0.1796 mills (0.0235 decrease from last year)
Total 5.8888 mills (0.0235 decrease from last year)
2) The tentatively adopted combined millage rate of 5.8888 mills is 0.0235 mills less than
the 5.9123 combined millage rate for FY 2015/16. The tentatively adopted operating
millage of 5.8888 mills for FY 2016/17 is 0.4991 mills more than the rolled-back rate of
5.1866, and thus, the City is required to publish a Notice of Tax Increase.
3) The second public hearing to consider the final millage rates and budgets for FY 2016/17
shall be on Tuesday, September 27, 2015 at 5:01 P.M., in the City Commission
Chambers, City Hall, 1700 Convention Center Drive.
The `Rolled-Back" millage rate for FY 2016/17 is the millage rate required to produce the same
level of property tax revenues in the General Fund in FY 2016/17 anticipated to be received in
FY 2015/16. Further, the January 1, 2015, tax roll Citywide declined by $777.9 million
between the July 1, 2015 valuation and the July 1, 2016 valuation due to appeals, adjustments,
etc., which is part of the reason that the FY 2016/17 "rolled-back rate" is significantly less than
the FY 2015/16 current millage rate. The value of the area outside of City Center RDA declined
by almost $436.9 million.
Page 1265 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 2
PROCEDURE
Florida Statutes 200.065 requires that at the conclusion of the first public hearing on the
proposed tax rate and budget, the City Commission proceed in the following specific manner:
1. Adopt a tentative ad valorem millage rate for FY 2016/17 operating purposes. This is
accomplished by adopting a Resolution that includes the percentage increase or
decrease over the "Rolled-back" rate; the required Debt Service millage rate; and, the
date, time, and place of the second public hearing
State statute requires that only the title be read aloud.
2. Adopt a tentative general operating budget for FY 2016/17. Also included, are budgets
for the Enterprise, Internal Service, and Special Revenue Funds. This is accomplished
by adopting a companion Resolution. (See accompanying City Budget Agenda Item).
Both the millage and budget Resolutions must be adopted again after a second and final public
hearing.
SUMMARY
In FY 2010/11 the city's approach to addressing the then deficit of $32 million included a
distribution of the shortfall between taxpayers and employees. Taxpayers had their tax rate
increased from 5.9123 to 6.5025, an increase of 0.5902 mills. The goal of the Commission has
been to bring them back to that level as property values increase over time. It should be
remembered that between FY 2009/10 and FY 2010/11 values declined by $2.6 billion driving
the need for an increase in the millage.
In FY 2011/12 the City took its first step in that direction with a reduction in the millage rate of
0.0486 mills. The millage rate for FY 2012/13 reduced the millage by an additional 0.1062 mills.
In the FY 2013/14 budget, the millage rate was reduced 0.2314 mills and in the FY 2014/15
budget the millage rate was reduced 0.0926 mills. Over four years, this reduction represented
81 percent of the goal to get back to a millage rate of 5.9123. The remaining goal for millage
reduction is 0.1114.
In FY 2015/16, the Administration met the remaining millage rate goal to lower the millage rate
to the level in FY 2009/10 as property values have increased over time for a combined millage
rate for the City of Miami Beach of 5.9123.
For FY 2016/17, the Administration proposes a total combined millage rate for the City of Miami
Beach of 5.8888, which represents a decrease of 0.0235 from FY 2015/16, is to our
knowledge, the lowest in the history of the City of Miami Beach, and certainly in the last 54
years for which we have found records.
The proposed operating millage of 5.7092 is equivalent to the FY 2015/16 operating millage.
The proposed voted debt service millage rate is adjusted from 0.2031 to 0.1796, a decrease of
0.0235 mills.
Page 1266 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 3
In prior years, the City of Miami Beach significantly reduced tax rates as property values
increased. Between FY 1999/00 and FY 2009/10, total combined City of Miami Beach property
tax rates declined approximately 2.8 mills. In FY 2007/08 alone, the millage rate declined by
approximately 1.8 mills, with annual savings to the average homesteaded property of over
$400. Further, despite an adjustment of 0.56 mills in the operating tax rate in FY 2010/11, City
of Miami Beach proposed combined millage rates today remain more than 2.8092 mills lower
than in FY 1999/00 (32 percent), and 1.7607 mills lower than 2006/07 (23%).
ANALYSIS OF PROPERTY VALUES IN MIAMI BEACH
On July 1, 2016, the City received the 2016 Certification of Taxable Value from the Property
Appraiser's Office stating that the taxable value for the City of Miami Beach is $34.6 billion
including $1.1 billion in new construction. The certified 2016 value represents an increase of
$3.9 billion or 13.03 percent more than the July 1, 2015, Certification of Taxable Value of$30.6
billion.
As shown in the following table, the comparative assessed values for the Miami Beach
Redevelopment Agency City Center redevelopment district increased from $4.8 billion to $5.6
billion an increase of $791 million or a 16.4 percent increase over 2015 certified values.
Citywide values excluding City Center increased from $25.9 billion to $29.0 billion, an increase
of $3.2 billion or 12.4 percent. Values outside the City Center area determine General Fund
revenues.
Jan. 1,2016
Value(in Change from 2015
Jan. 1 2015 Value(in billions) billions) Value(Budget)
Revised
Value
As ofJuly 1,2015 (For Change in As of July 1,2016
(For 2015/16 2015/16 2015 (For 2016/17 $
Budget) Projection) Values %Chg. Budget) (in billions) %Chg
Total $ 30.6978 $29.9200 (0.7778) -2.5% $ 34.6977 $ 3.9999 13.0%
Citywide
RDA-City $ 4.8216 $ 4.4806 $(0.3410) -7.1% $ 5.6127 $ 0.7911 16.4%
Ctr
i i I i I t 1 I
Citywide
Net of City $ 25.8762 $25.4394 $ (0.4368) -1.7% $ 29.0850 $ 3.2088 12.4%,
Center
DETERMINING THE OPERATING MILLAGE LEVY
The first building block in developing a municipal budget is the establishment of the value of
one mill of taxation, wherein the mill is defined as $1.00 of ad valorem tax for each $1,000 of
property value. For the City of Miami Beach, the value for each mill is determined by the 2016
Certification of Taxable Value and has been set at $34.7 million. Florida Statutes permit a
discount of up to five percent for early payment discounts, delinquencies, etc. Therefore, the
95 percent value of the mill is $32.9 million. Net of Center City RDA tax increment available to
the General Fund, the value of one mill at 95 percent is $28.2 million.
Page 1267 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 4
IMPACTS OF CHANGES IN PROPERTY VALUES
For FY 2016/17, the proposed operating millage rate for general City operations is 5.7092,
which is equivalent to FY 2015/16. Based on the July 1, 2016, Certification of Taxable Value,
5.7092 mills would generate approximately $160,779,000 in general tax revenues, an increase
of $17,618,000 over FY 2015/16 budgeted property tax revenues Citywide (General Fund and
City Center RDA).
Further, the January 1, 2015, tax roll Citywide declined by $777.9 million between the July 1,
2015 valuation and the July 1, 2016 valuation due to appeals, adjustments, etc., which is part
of the reason that the FY 2016/17 "rolled-back rate" is significantly less than the FY 2015/16
current millage rate. The value of the area outside of City Center RDA declined by almost
$436.9 million.
STATE LEGISLATED OPERATING MILLAGE REQUIREMENTS
Pursuant to recently enacted State legislation, the City may elect to approve millage rates
above the roll-back rate up to the constitutional cap of 10 mills subject to the following votes by
the Commission or referendum:
• Option I: A majority of the approval of the Commission Millage is required to approve a
millage up to 6.3643 (equivalent to 3.75 percent increase in property tax revenues).
The 1.0375 percent increase is the state per capita personal income gain for the prior
calendar year.
• Option II: A two-thirds approval (5 of 7 votes) of the Commission is required to approve
a millage up to 7.0007 (equivalent to a 10% increase in the ad valorem revenues above
Option I).
• Option Ill: Option Ill: A unanimous approval of the Commission or referendum is
required to approve a millage above 7.007 up to the 10 mill cap
The proposed operating millage rate of 5.7092 therefore requires a majority approval (4 of 7
votes) of the Commission.
DETERMINING THE VOTED DEBT SERVICE MILLAGE LEVY
The general obligation debt service payment for FY 2016/17 is approximately $5.9 million.
Based on the July 1, 2016 Certified Taxable Value from the Property Appraiser, these bonds
would require the levy of a voted debt service millage of 0.1796 mills. This represents a
decrease of 0.0235 mills.
COMBINING THE OPERATING AND VOTED DEBT SERVICE MILLAGE LEVY
At the July 13, 2016, Commission meeting, the Commission set the combined millage to
5.8888, a reduction of 0.0235 mills compared to FY 2015/16. Illustrated below is a comparison
of the combined millage rates and ad valorem revenues to the City of Miami Beach for FY
2015/16 and FY 2016/17 (preliminary) including RDA.
Page 1268 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 5
From
FY 15116 FY 16/17'Inc!(Dec) FY15/16
City of Miami Beach Millage Rates
Operating Millage 1 5.7092 5.7092 0.0000 0.0%
Debt Service I 0.2031 0.1796 -0.0235 -11.6%
Total{ 5.9123 5.8888; -0.0235 -0.4%
If these recommended millage rates are tentatively adopted, then the City of Miami Beach's
total operating millage will decrease to the lowest rate in at least 54 years for which we have
found records.
IMPACT OF PROPOSED MILLAGE ON PROPERTY OWNERS
Homesteaded Properties
Amendment 10 to the State Constitution took effect on January 1, 1995 and limited the
increase in assessed value of homesteaded property to the percentage increase in the
consumer price index (CPI) or three percent (3%), whichever is less. For 2015, the CPI has
been determined to be 0.7 percent and therefore, the increase is capped at 0.7% for increased
values as of January 1, 2016.
Overall, based on the homesteaded properties in the January 1, 2015 homestead values as of
July 1, 2015 valuation, the median value of homesteaded property in Miami Beach for 2014
was $155,690, and the average $383,781. Applying the increase to the market value of all
existing homesteaded properties from the 2015 tax roll,.and the 0.7 percent CPI adjustment,
the impact of the millage rate adjustment to homesteaded properties would be as shown in the
following table.
Homesteaded Properties
FY 2016/17
FY 2015/16 with 0.7%CPI
Median I Average Median I Average
$ 155,690 $ 383,782 $ 156,780 I$ 386,468
City of Miami Beach
Operating $ 889 $ 2,191 S 895 $ 2,206
Voted Debt 32_ 78 28 69
Total Miami Beach $ 921 $ 2,269 $ 923 $ 2,275
$Change in Taxes
Operating $ 6 $ 15
Voted Debt (4) (9)
Total Miami Beach $ 2 $ 6
•Source:Miami-Dade County PropertyAppraiser's-2015-average-median-homestead-residential-values
file
Impact on Non-Homesteaded Properties
The annual increase in market value of a non-homestead property is capped at 10 percent
(does not apply to school millages). The city-wide average increase in property values is 13.03
percent. The property value of individual properties may increase up to, but not more than 10
percent (excluding the school millage portion of the property tax bill). However, an individual
property owner may see a higher than 10 percent increase if there is a change in ownership of
a capped property resulting in a reset of the cap. Another potential factor, if applicable, would
be the value of new construction which could contribute to a property value increase of higher
than 10 percent.
Page 1269 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 6
Historical Perspective
The City of Miami Beach has made strides in significantly reducing tax rates as property values
have increased. Between FY 1999/00 and FY 2009/10, the total combined City of Miami
Beach property tax rates declined approximately 2.8 mills. In FY 2007/08 alone, the millage
rate declined by approximately 1.8 mills, with annual savings to the average homesteaded
property of over $400.
Property Value, Millage and Property Tax Levy
tVGllage Rates Tax Levy(in millions)
General Fund
Total(including
Taxable Taxable Final/Revised Gneral S.Pointe,and
Values Property Values Taxable Values Total Combined Fund/RDA Total Tax Levy Renewal&
Chart (billions) (billions) Citywide[Village [Village including Debt Replacement)
FY1997/98 $ 6.46 $ 6.40 9.2100 7.4990 $ 57.45 $ 46.78
FY1998/99 $ 6.97 $ 6.87 8.9830 7.4990 $ 60.37 $ 44.66
FY1999/00 $ 7.66 $ 7.54 8.6980 7.4990 $ 64.29 $ 47.36
FY2000/01 $ 8.37 $ 8.22 8.5550 7.3990 $ 69.08 $ 49.75
_
FY2001/02 $ 9.40 $ 9.22 8.3760 7.2990 $ 75.97 $ 54.37
FY2002/03 $ 10.56 $ 10.41 8.3220 7.2990 $ 84.81 $ 61.05
FY2003/04 $ 12.09 $ 11.85 8.1730 7.2990 $ 95.39 $ 68.17
FY2004/05 $ 14.04 $ 13.86 8.1730 7.4250 $ 110.74 $ 79.38
FY2005/06 $ 17.45 $ 17.15 8.0730 7.4810 $ 135.91 $ 111.69
FY2006/07 $ 22.74 $ 22.26 7.6730 7.3740 $ 168.38 $ 140.31
FY2007/08 $ 26.85 $ 26.14 5.8970 5.6555 $ 150.42 $ 125.33
FY2008/09 $ 26.90 $ 25.89 5.8930 5.6555 $ 150.59 $ 125.94
FY2009/10 $ 24.70 $ 23.24 5.9123 5.6555 $ 138.70 $ 115.73
FY2010/11 $ 22.10 $ 20.97 6.5025 6.2155 $ 136.55 $ 112.14
FY2011/12 $ 21.98 $ 20.75 6.4539 6.1655 $ 134.75 $ 111.29
FY2012/13 $ 23.07 $ 22.02 6.3477 6.0909 $ 139.10 $ 114.32
FY2013/14 $ 24.66 $ 23.64 6.1163 5.8634 $ 143.26 $ 117.41
FY2014/15 $ 27.10 $ 26.27 6.0237 5.7942 $ 155.10 $ 127.76
FY2015/16 $ 30.70 $ 29.92 5.9123 5.7092 $ 172.39 $ 143.16
FY2016/17 $ 34.70 * 5.8888 5.7092 $ 193.74 $ 160.78
Further, the proposed City of Miami Beach combined millage rate is the lowest it's been in at
least 18 years.
Overlapping Jurisdictional Operating and Debt Service Millages
City of Miami Beach property owners must also pay property taxes to Miami-Dade County, the
Miami-Dade County School Board, the Children's Trust, the South Florida Water Management
District, Okeechobee Basin, Everglades Project, and the Florida Inland Navigational District.
These taxing authorities represent 70 percent of a Miami Beach property owner's tax bill.
The countywide tax rate for Miami-Dade County millage remained flat at 4.6669; the library tax
rate is flat at 0.2840 mills; and the debt service millage is decreased by 0.05 to 0.4000 mills.
The tax rate for the Miami-Dade School District decreased from 7.6120 to 7.3220 mills. The
Children's Trust millage is maintained at 0.5000 mills. As a whole, the millage rates for the
South Florida Water Management District, Okeechobee Basin, Everglades Project, and Florida
Inland Navigational District decreased from 0.3896 mills to 0.3627 mills.
Page 1270 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 7
With the proposed rates for FY 2016/17, the Miami Beach portion of the tax bill is
approximately 30 percent of the total bill. Of note, the County millage is 1.0351 mills less than
their millage in FY 2006/07, as compared to the City's millage which is 1.7842 mills less than
the City millage in FY 2006/07. Further, the School Board millage is only 0.7830 below the FY
2006/07 millage rate. The significant difference in the total overlapping millage rate is a direct
result of the City's effort to keep the millage rates as low as possible. A summary of the tax
rate changes is provided in the following table.
Variance Variance
OVERLAPPING TAX MILLAGE FY 06/07 FY 15/16 FY 16/17 from from
FY 15/16 FY 06/07
City of Miami Beach _
Operating Milloge 7.3740 5.7092 5.7092 0.0000 -1.6648
Voted Debt Service 0.2990 0.2031 0.1796 -0.0235 -0.1194
Total 7.6730 5.9123 5.8888 -0.0235 -1.7842
Miami Dade County
Countywide 5.6150 4.6669 4.6669; 0.0000 -0.9481
Library 0.4860 0.2840' 0.2840 0.0000 -0.2020
Debt Service 0.2850 0.4500 0.4000, -0.0500 0.1150
Subtotal 6.3860 5.4009 5.3509 -0.0500 -1.0351
School Board 8.1050 7.6120 7.3220 -0.2900 -0.7830
Children's Trust 0.4220 0.5000 0.5000 0.0000 0.0780
Other 0.7360 0.3896 0.3627 0.0269 0.3733
Total 23.3220 19.8148 19.4244 -0.3904 -3.8976
Impact of Combined Tax Rates of Overlapping Jurisdictions on Homesteaded Properties
The median and average January 1, 2015 taxable values of $155,690 and $383,782,
respectively, will increase by 0.7% CPI in FY 2016/17 due to the Save Our Homes Cap which
only allows taxable values to increase by 3.0% or CPI, whichever is lower. The following table
provides examples of changes in property taxes for homesteaded properties using the
proposed tax rates and potential changes from 2016 values.
Impact on Homesteaded Properties Assuming
Changes in Taxable Value from January 1,2016
FY 2016/17
FY 2015/16 with 0.7%CPI
Median I Average Median I Average
2016 Preliminary Taxable
Value $155,690 $383,782 $156,780 $386,468
City of Miami Beach
Operating $ 889 $ 2,191 S 895 $ 2,206
Voted Debt 32 78 28 69
Total Miami Beach $ 921 $ 2,269 $ 923 $ 2,275
Miami Dade County 841 2,073 839 2,068
Schools 1,185 2,921 1,148 2,830
Other 139 341 135 333
Total $ 3,086 $ 7,604 $ 3,045 $ 7,506
Chnngn in Inner
City of Miami Beach
Operating $ 6 $ 15
Voted Debt (4) (9)
Total Miami Beach •$ 2 r$ 6
Miami Dade County (2) (5)
Schools (37) (91)
Other (4) (8)
Total $ (41) $ (98)
Page 1271 of 2277
FY 2016/17 Proposed Millage
September 14, 2016
Page 8
Applying the proposed combined millage rates results in a decrease of $41 for the median
taxable home value and a $98 decrease for the average taxable home value. Median
properties would pay approximately $3,045 for all taxing jurisdictions combined, while the
average taxes generated would be approximately $7,506 per homesteaded property. Of these
taxing jurisdictions, the highest component is the Miami-Dade School Board, at $1,148 for a
median value property, and $2,830 for an average valued property.
As with the City of Miami Beach millage rates, impacts of the combined jurisdictional millage
rates for non-homesteaded properties are based on the individual property values.
SECOND PUBLIC HEARING
The second public hearing on the tentatively adopted millage rate and budget for FY 2016/17
must be advertised no later than 15 days after the first public hearing. It is recommended that
the second public hearing be set for Tuesday, September 27, 2016 at 5:01 P.M., in the City
Commission Chambers, City Hall, 1700 Convention Center Drive.
CONCLUSION
The Administration recommends adoption of the attached Resolution which sets both tentative
operating and debt service millage rates for FY 2016/17 and establishes a second public
hearing to be held on Tuesday, September 27, 2016, at 5:01 P.M.
JLM/CGR
Page 1272 of 2277