LTC 219-2024 2024 Preliminary Tax Roll EstimateMIAMI BEACH
OF FICE OF THE CITY MA NAGER
LTC# LETTER TO COMMISSION
TO:
FROM:
DATE:
SUBJECT:
Honorable Mayor Steven Meiner and Members of the City Commission
Rickele wams, Interim ciy Manager {l/
May 31, 2024
2024 Preliminary Tax Roll Estimate
The purpose of this Letter to Commission (L TC) is to transmit the preliminary 2024 property values
for the City of Miami Beach, which are attached. On July 1, 2024, the City will receive the certified
property values from the Miami-Dade County Property Appraiser's Office, which will be the values
utilized for budget purposes in the development of the Fiscal Year (FY) 2025 budget. The attached
preliminary values provided by the Miami-Dade County Property Appraiser are an estimate and
are, therefore, subject to change although the difference between the annual preliminary and
certified values is typically minimal.
The attached values reflect an overall increase in property values of approximately $4.5
billion, or 8.8%, from the 2023 Certified Taxable Value of $51.6 billion to the 2024 Estimated
Taxable Value of $56.1 billion. This includes a $4.3 billion, or 8.3%, increase in existing property
values, as well as a $0.2 billion increase in new construction values.
Applying the overall increase in values to the City's property tax revenues would result in an
estimated increase of approximately $21.7 million in General Fund property tax revenues
comprised of $21.1 million for operating purposes, $0.4 million in Pay As You Go Capital funding,
and $0.2 million in Capital Renewal & Replacement (CRR) funding.
It is important to note that the impact of the overall change in the City's property values on General
Fund property tax revenues, specifically, will be affected by the changes in property values that
occurred within the boundaries of the City's two existing redevelopment areas, which are the City
Center Redevelopment Area and the North Beach Community Redevelopment Area, compared
to the changes outside of these two areas. As a result, these values may vary from the 8.8%
increase in the City's property values overall. The breakdown is still pending since the City does
not receive the City Center Redevelopment Area and the North Beach Community
Redevelopment Area property values until the certified values are provided by the Miami-Dade
County Property Appraiser on July 1, 2024. Once these values are received on July 1, 2024, an
updated analysis will be provided via L TC.
July 2023 June 2024
Certified Preliminary $ Change % Change
Property Values:
Existing Values $51,560,772,230 $55,845,000,000 $4,284,227,770 8.3%
New Construction - 255,000,000 255,000,000 100.0%
Total Citywide $51,560,772,230 $56,100,000,000 $4,539,227,770 8.8%
219-2024
Letter to C om m ission - 2024 Prelim inary Tax R oll E stim ate
P age 2 of 2
The Normandy Shores Local Government Neighborhood Improvement District reflects an overall
increase in property values of approximately $54.2 million, or 13.8%, from the 2023 Certified
Taxable Value of $392.8 million to the 2024 Estimated Taxable Value of $447.0 million. This
includes a $49.2 million, or 12.5%, increase in existing property values, as well as a $5.0 million
increase in new construction values.
July 2023 June 2024
Certified Preliminary $ Change % Change
Property Values:
Existing Values $392,785,688 $442,000,000 $49,214,312 12.5%
New Construction - 5,000,000 5,000,000 100.0%
Total Normandy Shores $392,785,688 $447,000,000 $54,214,312 13.8%
This information will be discussed in more detail at the three upcoming Finance & Economic
Resiliency Committee (FERC) Budget Briefings that are currently scheduled on June 21, July 12,
and July 19, 2024.
If you have any questions or need additional information, please feel free to contact me.
Attachment A- 2024 Estimated Taxable Values by Taxing Authority
RW/JDG/TOS/RA
M IAM I-DADE COUNTY
PRO P ERTY APPRAIS ER
2024 Estimated Taxable Values by Taxing Authority
JUNE 1, 2024 3 .
.
.
2023 2024 ESTIMATED
PRELIMINARY TAXABLE VALUE 2024 PERCENT
TAXABLE BEFORE NEW PERCENT NEW JUNE 1ST CHANGE NET VALUE
TAXING AUTHORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION ESTIMATE FROM 2023 CHANGE
01 MIAMI 84,451,768,423 92,883,000,000 10.0% 1,717,000,000 94,600,000,000 12.0% 10,148,000,000
0101 MIAMI ( ODA ) 27,699,801,239 29,895,000,000 7.9% 205,000,000 30,100,000,000 8.7% 2,400,000,000
02 MIAMI BEACH 51,560,772,230 55,845,000,000 8.3% 255,000,000 56,100,000,000 8.8% 4,539,000,000
0201 MB NORMANDY SHORES 392,785,688 442,000,000 12.5% 5,000,000 447,000,000 13.8% 54,000,000
03 CORAL GABLES 22,642,968,475 24,254,000,000 7.1% 246,000,000 24,500,000,000 8.2% 1,857,000,000
04 HIALEAH 17,549,966,595 19,379,000,000 10.4% 321,000,000 19,700,000,000 12.3% 2,150,000,000
05 MIAMI SPRINGS 1,605,558,349 1,737,000,000 8.2% 6,000,000 1,743,000,000 8.6% 137,000,000
06 NORTH MIAMI 5,260,090,594 5,762,000,000 9.5% 38,000,000 5,800,000,000 10.3% 539,000,000
07 NORTH MIAMI BEACH 4,750,543,371 5,193,000,000 9.3% 137,000,000 5,330,000,000 12.2% 579,000,000
08 OPA-LOCKA 1,718,241,394 1,808,000,000 5.2% 12,000,000 1,820,000,000 5.9% 101,000,000
09 SOUTH MIAMI 2,616,274,873 2,777,000,000 6.1% 23,000,000 2,800,000,000 7.0% 183,000,000
10 HOMESTEAD 5,063,134,921 5,549,000,000 9.6% 21,000,000 5,570,000,000 10.0% 506,000,000
11 MIAMI SHORES 1,756,307,731 1,956,000,000 11.4% 14,000,000 1,970,000,000 12.2% 213,000,000
12 BAL HARBOUR 6,280,833,356 6,749,000,000 7.5% 51,000,000 6,800,000,000 8.3% 519,000,000
13 BAY HARBOR ISLANDS 1,904,907,986 1,991,000,000 4.5% 9,000,000 2,000,000,000 5.0% 95,000,000
14 SURFSIDE 4,103,801,217 4,577,000,000 11.5% 23,000,000 4,600,000,000 12.1% 496,000,000
15 WEST MIAMI 895,159,489 957,000,000 6.9% 11,000,000 968,000,000 8.1% 72,000,000
16 FLORIDA CITY 1,117,791,729 1,217,000,000 8.9% 98,000,000 1,315,000,000 17.6% 197,000,000
17 BISCAYNE PARK 368,562,796 411,000,000 11.5% 2,000,000 413,000,000 12.1% 44,000,000
18 EL PORTAL 268,803,095 305,000,000 13.5% 4,000,000 309,000,000 15.0% 40,000,000
19 GOLDEN BEACH 1,656,778,376 1,832,000,000 10.6% 8,000,000 1,840,000,000 11.1% 183,000,000
20 PINECREST 6,821,658,384 7,431,000,000 8.9% 169,000,000 7,600,000,000 11.4% 778,000,000
21 INDIAN CREEK 884,973,839 999,000,000 12.9% 0 999,000,000 12.9% 114,000,000
22 MEDLEY 5,192,600,352 5,655,000,000 8.9% 45,000,000 5,700,000,000 9.8% 507,000,000
23 N. BAY VILLAGE 1,469,291,321 1,579,700,000 7.5% 300,000 1,580,000,000 7.5% 110,000,000
24 KEY BISCAYNE 9,978,517,232 10,697,000,000 7.2% 3,000,000 10,700,000,000 7.2% 721,000,000
25 SWEETWATER 3,825,557,441 3,843,000,000 0.5% 157,000,000 4,000,000,000 4.6% 174,000,000
26 VIRGINIA GARDENS 366,592,136 406,700,000 10.9% 300,000 407,000,000 11.0% 40,000,000
27 HIALEAH GARDENS 2,096,680,545 2,284,000,000 8.9% 6,000,000 2,290,000,000 9.2% 193,000,000
28AVENTURA 12,506,035,242 13,444,000,000 7.5% 56,000,000 13,500,000,000 7.9% 993,000,000
30 UNINCORPORATED 112,682,352,503 122,266,000,000 8.5% 1,734,000,000 124,000,000,000 10.0% 11,317,000,000
31 SUNNY ISLES BEACH 15,968,407,601 17,285,000,000 8.2% 615,000,000 17,900,000,000 12.1% 1,931,000,000
32 MIAMI LAKES 4,515,345,099 4,867,000,000 7.8% 23,000,000 4,890,000,000 8.3% 374,000,000
33 PALMETTO BAY 4,172,017,316 4,537,000,000 8.7% 23,000,000 4,560,000,000 9.3% 387,000,000
34 MIAMI GARDENS 7,890,732,663 8,491,000,000 7.6% 109,000,000 8,600,000,000 9.0% 709,000,000
35 DORAL 18,353,405,009 19,796,000,000 7.9% 204,000,000 20,000,000,000 9.0% 1,646,000,000
36 CUTLER BAY 3,668,107,009 3,986,000,000 8.7% 14,000,000 4,000,000,000 9.0% 331,000,000
COUNTY-WIDE 425,816,881,016 462,427,000,000 8.6% 6,173,000,000 468,600,000,000 10.0% 42,783,000,000
FIRE AND RESCUE 239,757,971,408 260,572,000,000 8.7% 3,628,000,000 264,200,000,000 10.2% 24,442,000,000
LIBRARY 381,188,489,827 413,237,000,000 8.4% 5,563,000,000 418,800,000,000 9.9% 37,611,000,000
SCHOOL BOARD 509,432,962,106 547,324,000,000 7.4% 6,176,000,000 553,500,000,000 8.7% 44,067,000,000
S FL WATER MNGT DIST 427,809,390,459 464,424,000,000 8.6% 6,176,000,000 470,600,000,000 10.0% 42,790,000,000
FL INLAND NAV DIST 427,809,390,459 464,424,000,000 8.6% 6,176,000,000 470,600,000,000 10.0% 42,790,000,000
THE CHILDREN'S TRUST 427,809,390,459 464,424,000,000 8.6% 6,176,000,000 470,600,000,000 10.0% 42,790,000,000