2017-29965 ResolutionRESOLUTION NO. 2017 -29965
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.7224 MILLS FOR FISCAL YEAR (FY) 2017/18 FOR GENERAL
OPERATING PURPOSES, WHICH IS SEVEN AND SIX - TENTHS PERCENT
(7.6 %) MORE THAN THE "ROLLED- BACK" RATE OF 5.3174 MILLS; AND 2)
THE DEBT SERVICE MILLAGE RATE OF 0.1664 MILLS, SUBJECT TO A
SECOND PUBLIC HEARING TO CONSIDER THE MILLAGE RATE FOR
FISCAL YEAR 2017/18, ON MONDAY, SEPTEMBER 25, 2017 AT 5:01 P.M.
WHEREAS, on July 26, 2017, the City Commission set the proposed general operating
millage rate at 5.7224 mills (excluding debt service) for general operating purposes, an increase
of 0.0132 mills from the FY 2016/17 general operating millage rate; and 0.1664 mills for debt
service, a reduction of 0.0132 mills from the FY 2016/17 debt service millage 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 2017/18 operating purposes; and 2) adopt the required
debt service millage rate; this is accomplished by adopting a Resolution which 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 2017/18.
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
2017/18, 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 5.7224 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 seven and six - tenths percent (7.6 %) more than
the "Rolled- back" rate of 5.3174 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
0.1664 mills.
MA/V\
BEACH
Resolutions - R7 H
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Jimmy L. Morales, City Manager
DATE: September 13, 2017
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 5.7224 MILLS FOR FISCAL YEAR (FY) 2017/18 FOR GENERAL
OPERATING PURPOSES, WHICH IS SEVEN AND SIX - TENTHS PERCENT (7.6 %)
MORE THAN THE "ROLLED -BACK " RATE OF 5.3174 MILLS; AND 2) THE DEBT
SERVICE MILLAGE RATE OF 0.1664 MILLS, SUBJECT TO A SECOND PUBLIC
HEARING TO CONSIDER THE MILLAGE RATE FOR FISCAL YEAR 2017/18, ON
MONDAY, SEPTEMBER 25, 2017 AT 5:01 P.M.
Legislative Tracking
Budget and Performance Improvement
ATTACHMENTS:
Description
o City's Millage Memo
o Resolution
Page 1859 of 2353
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 13, 2017
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM MILLAGE OF
5.7224 MILLS FOR FISCAL YEAR 2017/18 FOR GENERAL OPERATING PURPOSES,
WHICH IS SEVEN AND SIX- TENTHS PERCENT (7.6 %) MORE THAN THE "ROLLED -
BACK" RATE OF 5.3174 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.1664 MILLS, SUBJECT TO A SECOND PUBLIC HEARING TO CONSIDER THE
MILLAGE RATE FOR FISCAL YEAR 2017/18, ON MONDAY, SEPTEMBER 25, 2017
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 2017/18:
General Operating 5.6989 mills (0.0132 increase from last year)
Capital Renewal & Replacement 0.0235 mills (same as last year)
Sub -Total Operating Millage 5.7224 mills (0.0132 increase from last year)
Voted Debt Service 0.1664 mills (0.0132 decrease from last year)
Total 5.8888 mills (same as last year)
The tentatively adopted combined millage rate of 5.8888 mills is the same as the combined
millage rate for FY 2016/17. The tentatively adopted operating millage rate of 5.7224 for
FY2017/18 is 0.4050 mills more than the rolled -back rate of 5.3174. As a result, the City is
required to publish a Notice of Tax Increase.
The second public hearing to consider the final millage rates and budgets for FY 2017/18
shall be held on Monday, September 25, 2017 at 5:01 P.M., in the City Commission
Chambers, City Hall, 1700 Convention Center Drive.
The "Rolled- Back" millage rate for FY 2017/18 is the millage rate required to produce the same
level of property tax revenues in the General Fund in FY 2017/18 as anticipated to be received in
FY 2016/17. It is important to note that the January 1, 2016, tax roll Citywide declined by almost
$701.4 million between the July 1, 2016 certified valuation and the July 1, 2017 final valuation due
to appeals, adjustments, etc., which is part of the reason the FY 2017/18 "rolled -back rate" is
0.3918 mills lower than the FY 2016/17 millage rate and lower than it would be if the rolled -back
rate was only adjusted for the increase in revenues generated by higher property values. The area
outside of City Center RDA, which impacts General Fund revenues, declined in value by
approximately $318.1 million during the same period of time.
Page 1860 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
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 2017/18 operating purposes. This is
accomplished by adopting a Resolution which 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 2017/18. 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 was to
bring millage rates back to the FY 2009/10 level as property values increased 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. In FY 2015/16, the City of Miami Beach met its millage rate reduction goal to lower
the millage rate to the level in FY 2009/10 as property values increased over time. In FY 2016/17,
the Administration adopted an even lower combined millage rate for the City of Miami Beach of
5.8888, which is the lowest rate in at least 19 years.
The proposed total combined millage rate of 5.8888 for FY 2017/18 is equivalent to that of the total
combined millage for FY 2016/17.
City of Miami Beach Millage Rates
Operating Millage
Voted Debt Service Millage
Total Combined Millage
FY 2016/17 FY 2017/18
5.7092 5.7224
0.1796 0.1664
Inc / (Dec) % Inc / (Dec)
0.0132 0.23%
(0.0132) -7.35%
5.8888 5.8888
0.0000 0.00%
ANALYSIS OF PROPERTY VALUES IN MIAMI BEACH
On July 1, 2017, the City received the 2017 Certification of Taxable Value from the Miami -Dade
County Property Appraiser's Office stating that the taxable value for the City of Miami Beach is
$37.4 billion, which includes $859 million in new construction. Property taxes comprise
approximately half of the total General Fund revenues.
Page 1861 of 2353
FY 2017/18 Proposed Mlllage
September 13, 2017
Page 3
The comparative assessed values for the Miami Beach Redevelopment Agency City Center
redevelopment district increased from $5.6 billion to $5.7 billion, which is an increase of $89.8
million or 1.6 percent over the 2016 certified values. Citywide values, excluding the City Center
RDA district, increased from $29.1 billion to $31.7 billion, which is an increase of $2.6 billion or
8.97 percent over the 2016 certified values. Values outside the City Center area determine
General Fund revenues.
COMPARATIVE ASSESSED VALUES
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 2017 Certification
of Taxable Value and has been set at $37.4 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 $35.5 million. Net of Center City RDA tax increment available to the General Fund, the value of
one mill at 95 percent is $30.6 million.
IMPACTS OF CHANGES IN PROPERTY VALUES
For FY 2017/18, the operating millage rate for general City operations is 5.7224, which is 0.0132
mills more than in FY 2016/17. Based on the July 1, 2017, Certification of Taxable Value, 5.7224
mills would generate approximately $175,363,000 in general tax revenues, an increase of
$14,751,000 over FY 2016/17 budgeted property tax revenues Citywide.
Further, the January 1, 2016, tax roll Citywide declined by $701.4 million between the July 1, 2016
valuation and the July 1, 2017 valuation due to appeals, adjustments, etc., which is part of the
reason that the FY 2017/18 "rolled -back rate" is 0.3918 mills lower than the FY 2016/17 current
millage rate. The value of the area outside of City Center RDA, which impacts General Fund
revenues, declined in value by approximately $318.1 million during the same period of time.
STATE LEGISLATED OPERATING MILLAGE REQUIREMENTS
Pursuant to recently enacted State legislation, the City may elect to approve millage rates above
the rolled -back rate up to the constitutional cap of 10 mills subject to the following votes by the
Commission or referendum:
Page 1862 of 2353
January 1, 2016 Value (in billions)
January 1, 2017 Value (in billions)
July 1, 2016
(FY2016/17
Budget)
Revised Value
(FY2016/17
Projection)
Change in
2016 Values
a
%Chg.
July 1, 2017
(FY2017/18
Budget)
$ Change
(in billions)
o
/o Chg.
Total Citywide
$ 34.698
$ 33.996
$ (0.702)
- 2.02%
$ 37.397
$ 2.699
7.78%
RDA -City
Center
$ 5.613
$ 5.295
$ (0.318)
- 5.67%
$ 5.703
$ 0.090
1.60%
Citywide - Net
of City Center
$ 29.085
$ 28.701
$ (0.384)
- 1.32%
$ 31.694
$ 2,609
8,97%
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 2017 Certification
of Taxable Value and has been set at $37.4 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 $35.5 million. Net of Center City RDA tax increment available to the General Fund, the value of
one mill at 95 percent is $30.6 million.
IMPACTS OF CHANGES IN PROPERTY VALUES
For FY 2017/18, the operating millage rate for general City operations is 5.7224, which is 0.0132
mills more than in FY 2016/17. Based on the July 1, 2017, Certification of Taxable Value, 5.7224
mills would generate approximately $175,363,000 in general tax revenues, an increase of
$14,751,000 over FY 2016/17 budgeted property tax revenues Citywide.
Further, the January 1, 2016, tax roll Citywide declined by $701.4 million between the July 1, 2016
valuation and the July 1, 2017 valuation due to appeals, adjustments, etc., which is part of the
reason that the FY 2017/18 "rolled -back rate" is 0.3918 mills lower than the FY 2016/17 current
millage rate. The value of the area outside of City Center RDA, which impacts General Fund
revenues, declined in value by approximately $318.1 million during the same period of time.
STATE LEGISLATED OPERATING MILLAGE REQUIREMENTS
Pursuant to recently enacted State legislation, the City may elect to approve millage rates above
the rolled -back rate up to the constitutional cap of 10 mills subject to the following votes by the
Commission or referendum:
Page 1862 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
Page 4
• Option 1: A majority approval of the Commission is required to approve a millage up to 6.2141
(equivalent to a 3.11 percent increase in property tax revenues). The 1.0311 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 6.8355 (equivalent to a 10% increase in the ad valorem revenues above Option
I).
• Option III: A unanimous approval of the Commission or referendum is required to approve a
millage above 6.8355 up to the cap of 10 mills.
The proposed FY2017/18 operating millage rate of 5.7224, 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 2017/18 is projected to be $5.914 million.
Based on the July 1, 2017 Certified Taxable Value from the Property Appraiser, this debt service
payment would require the levy of a voted debt service millage of 0.1664 mills, which represents a
decrease of 0.0132 mills over the prior year voted debt service millage of 0.1796.
COMBINING THE OPERATING AND VOTED DEBT SERVICE MILLAGE LEVY
At the July 26, 2017 Commission meeting, the Commission set the general operating millage rate
at 5.6989, which is an increase of 0.0132 mills from 5.6857 in FY 2016/17; a General Fund Capital
Renewal and Replacement millage of 0.0235, which is proposed to remain flat; and the proposed
voted debt service millage rate was adjusted from 0.1796 to 0.01664, a decrease of 0.0132 mills.
Illustrated below is a comparison of the proposed combined millage rates and ad valorem
revenues to the City of Miami Beach for FY 2016/17 and FY 2017/18 (preliminary) including the
RDA.
FY 2006/07 is also illustrated for further historical comparison.
Page 1863 of 2353
% Inc /(Dec)
From
From
FY 06/07
FY 16/17
F f 17/1 Inc /(Dec)
FY16/17
FY06 /07
City of Miami Beach Millage Rates
Operating
7.1920
5.6857
6 6989 0.0132
Capital Renewal & Replacement
0.1820
0.0235
0 02 0.0000
Sub -total Operating Millage
7.3740
5.7092
52 0.0132
0.2%
-22.4%
Debt Service
0.2990
0.1796
0x1664 - 0.0132
-7.3%
-44.3%
Total
7.6730
5.8888
tz 8888. 0.0000
0.0%
-23.3%
Page 1863 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
Page 5
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.
Based on the homesteaded property values as of July 1, 2016, the median value of homesteaded
property in Miami Beach was $167,342 and the average was $427,845. The impact of the millage
rate adjustment to homesteaded properties would be $21 for the median and $52 for the average
value homesteaded property as reflected in the table below.
Homesteaded Properties
FY 2016/17
FY 2017/18
with 2.1% CPI
Median
Average
Median
Average
Preliminary Taxable Value*
$ 167,342
$ 427,845
$ 170,856
$ 436,830
City of Miami Beach
Operating
Voted Debt
Total Miami Beach
$ 955
$ 30
$ 2,443
$ 77
$ 978
$ 28
$ 2,500
$ 73
$ 985
$ 2,520
$ 1,006
$ 2,573
$ Change in Taxes
Operating
Voted Debt
Total Miami Beach
$ 23
$ (2)
$ 57
$ (4)
$ 21
$ 53
* Source: Miami -Dade County Property Appraiser's Office: 2016 Preliminary Average and Median
Homestead Residential Values Report
Non- Homesteaded Properties
The annual increase in market value of a non - homestead property is capped at 10 percent (does
not apply to school millage rates). The city -wide average increase in property values is 7.7
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.
Historical Perspective
It is important to remember that in prior years, the City of Miami Beach significantly reduced tax
rates as property values increased. Between FY 1999/00 and FY 2009/10, property tax rates
declined approximately 2.8 mills. In FY 2007/08 alone, the property tax rate declined by
approximately 1.8 mills, with annual savings to the average homesteaded property of over $400. In
addition, in FY 2005/06 and FY 2006/07, the City funded $200 and $300 homeowner dividends
paid to homesteaded property owners in the City. Further, the FY2017/18 proposed City of Miami
Beach combined millage rate is the lowest it has been in at least 19 years and is equivalent to the
FY 2016/17 millage rate.
Page 1864 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
Page 6
Property Value, Millage and Property Tax Levy
Taxable Values
Chart
Taxable
Property Values
(billions)
Final /Revised
Taxable
Values
(billions)
Millage Rates
Tax Levy (in millions)
Total
Combined
Citywide
Millage
Gneral
Fund /RDA
Millage
Total Tax Levy
including Debt
General Fund
Total (including
S. Pointe, and
Renewal &
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
FY201 1 / 12
$ 21.98
$ 20,75
6.4539
6.1655
$ 134.75
$ 1 1 1.29
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
$ 172.42
$ 143.16
FY2016/17
$ 34.70
$ 33.99
5,8888
5.7092
$ 194.11
$ 160,78
FY2017/18
$ 37.39
5.8888
5.7224
$ 209.21
$ 175.36
Further, although the City increased the operating tax rate by 0.56 mills in FY 2010/11, the City's
proposed combined millage rate is now lower than the rate in FY 2009/10 and remains
approximately 2.8 mills lower or 32 %, than it was in FY 1999/00.
10.0000
9.0000
8,0000
4+ 7.0000
6.0000
J 5.0000
ru 4.0000
3.0000
2.0000
1.0000
0.0000
Total Combined Millage Rates
a o o O O O O O q °
O }N }M } ,13 1~� yW 011 }G� "• `y^-
Fiscal Years
Page 1865 of 2353
LL
LO
L GL C LL
FY 2017/18 Proposed Millage
September 13, 2017
Page 7
Property Values and Tax Levy
3co
320
3UU
280
,.... 260
E, 2/0
0
:=2 270
200
180
pS 160
c, 1/0
120
100
u 80
60
20
,05
'09
'10 '11 '12 '13
'15
Mal Property Values Tex Levy Including Debt
16
'17
Overlapping Jurisdictional Operating and Debt Service Millage Rates
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 69 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 flat at 0.4000 mills. The tax rate for the Miami -
Dade School District decreased from 7.3220 to 6.9940 mills. The Children's Trust millage rate
decreased from 0.5000 to 0.4673 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 0.3627 mills to 0.3420 mills.
With the proposed rates for FY 2017/18, the Miami Beach portion of the tax bill is approximately 31
percent of the total bill. Of note, the County millage rate is 0.9481 mills less than their millage in FY
2006/07, as compared to the City's millage rate, which is 1.7842 mills less than the City millage in
FY 2006/07. Further, the School Board millage is 1.1110 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.
Page 1866 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
Page 8
OVERLAPPING TAX MILLAGE
FY 06/07
FY 16/17
FY 17/18
Variance
from
FY 16/17
Variance
from
FY 06/07
% of
FY 17/18
Total
City of Miami Beach
Operating
7.1920
5.6857
1.,6989
0.0132
- 1.4931
Capital Renewal & Replacement
0.1820
0.0235
3
0.0000
- 0.1585
Subtotal Operating Millage
7.3740
5.7092
0.0132
- 1.6516
Voted Debt Service
0.2990
0.1796
- 0.0132
- 0.1326
Total
7.6730
5.8888
0.0000
- 1.7842
31%
Miami Dade County
Countywide
5.6150
4.6669
0,0000
- 0.9481
Library
0.4860
0.2840
0.0000
- 0.2020
Debt Service
0.2850
0,4000
0.0000
0.1150
Subtotal
6.3860
5.3509
0.0000
- 1.0351
28%
School Board
8.1050
7.3220
- 0.3280
- 1.1110
37%
Children's Trust
0.4220
0.5000
- 0,0327
0.0453
2%
Other
0,7360
0.3627
- 0.0207
- 0.3940
2 %O
Total
23.3220
19.4244
- 0.3814
- 4.2790
100%
Impact of Combined Tax Rates of Overlapping Jurisdictions on Homesteaded Properties
The City of Miami Beach's 2016 preliminary median and average homesteaded residential taxable
values are $167,342 and $427,845 respectively. Applying the proposed combined millage rates to
the median and average taxable values results in an increase of approximately $4 for the median
and an approximate increase of $8 for average homesteaded residential properties. These
increases include a $21 increase in property taxes for the median and a $53 increase for the
average homesteaded residential properties for the City of Miami Beach's portion of the property
tax bill.
Median properties would pay approximately $3,253 for all taxing jurisdictions combined, while the
average taxes generated would be approximately $8,319 per homesteaded property. Of these
taxing jurisdictions, the highest component is the Miami -Dade School Board, at $1,195 for a
median value property, and $3,055 for an average valued property.
The following table provides examples of changes in property taxes for homesteaded properties
using the proposed tax rates and potential changes from 2016 values.
Page 1867 of 2353
FY 2017/18 Proposed Millage
September 13, 2017
Page 9
Impact on Homesteaded Properties
FY 2016/17
FY 2017/ 18
with 2.1% CPI
Median
Average
Median
Average
Preliminary Taxable Value*
$ 167,342
$ 427,845
$ 170,856
$ 436,830
City of Miami Beach
Operating
$ 955 $ 2,443
$ 978 $ 2,500
Voted Debt
30 77
28 73
Total Miami Beach
$ 985 $ 2,520
$ 1,006 $ 2,573
Miami Dade County
895
2,289
914
2,337
Schools
1,225
3,133
1,195
3,055
Other
144
369
138
354
Total
$ 3,249 $ 8,311
$ 3,253 $ 8,319
Change in Taxes
City of Miami Beach
Operating
$ 23 $ 57
Voted Debt
(2) (4)
Total Miami Beach
$ 21 $ 53
Miami Dade County
19 48
Schools
(30) (78)
Other
(6) (15)
Total
$ 4 $ 8
* Source: Miami -Dade County Property Appraiser's Office: 2016 Preliminary Average and Median
Homestead Residential Values Report
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 2017/18 must
be advertised no later than 15 days after the first public hearing. It is recommended that the
second public hearing be set for Monday, September 25, 2017 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 2017/18 and establishes a second public hearing
to be held on Monday, September 25, 2017, at 5:01 P.M.
JLM /JW
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