LTC 226-2025 Preliminary Tax Roll EstimateMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC#226-2025 LETTER TO COMMISSION
TO:
FROM:
DATE:
SUBJECT:
Honorable Mayor Steven Meiner and Members of the City Commission
Eric Carpenter, City Manager � �
May 30, 2025
2025 Preliminary Tax Roll Estimate
The purpose of this Letter to Commission (L TC) is to inform the Mayor and City Commission of the
preliminary 2025 property values received for the City of Miami Beach, as attached. The certified
property values from the Miami-Dade County Property Appraiser's Office will be released on July 1,
2025, and will serve as the basis for the development of the Fiscal Year (FY) 2026 budgets. While the
attached preliminary values are estimates that are provided by the Property Appraiser and are subject
to change, the difference between the preliminary and certified values is generally minimal.
The attached values reflect an overall increase in property values of approximately $3.9 billion,
or 6.9%, from the 2024 Certified Taxable Value of $56.4 billion to the 2025 Estimated Taxable Value
of $60.3 billion. This is comprised of a $3.0 billion, or 5.3%, increase in existing property values, as
well as a $0.9 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 $18.8 million in General Fund property tax revenues for FY 2026 that
encompasses $18.2 million for general operating purposes, $0.3 million in Capital Pay-As-You-Go
(PayGo) funding, and $0.3 million in Capital Renewal & Replacement (CRR) funding.
Since the City does not receive the property values for the City Center and North Beach
Redevelopment Areas, specifically, until the Miami-Dade County Property Appraiser provides the
certified values on July 1, 2025, it is important to emphasize that the impact of the overall change in
the City's property values on General Fund property tax revenues may vary depending on how
property values have changed within the City's two existing redevelopment areas compared to the
values outside of these two areas. As a result, the impact of the overall increase on General Fund
property tax revenues may differ from the overall 6.9% increase in the City's total property values.
Once these values are received on July 1, 2025, an updated analysis will be provided via L TC.
July 2024 June 2025 $ Change % Change Certified Preliminary
Property Values:
Existing Values $56,396,947,099 $59,374,000,000 $2,977,052,901 5.3%
New Construction -926,000,000 926,000,000 100.0%
Total Citywide $56,396,947,099 $60,300,000,000 $3,903,052,901 6.9%
In light of the City's current financial outlook, the Administration encourages the Mayor and City
Commission to thoughtfully consider key factors when evaluating decisions related to the General
Fund budget. These include the City's expanding unfunded capital improvement needs and long-term
General Fund projections, which signal a potential shortfall in the years ahead.