HomeMy WebLinkAboutLTC 238-2026 2026 Preliminary Tax Roll EstimateMIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC#238-2026 LETTER TO COMMISSION
TO:
FROM:
DATE:
SUBJECT:
Honorable Mayor Steven Meiner an� /lm�City Commission
Eric Carpenter, City Manager f},uc lfaJ1.w.Alvf>-
June 1, 2026
2026 Preliminary Tax Roll Estimate
The purpose of this Letter to Commission (L TC) is to inform the Mayor and City Commission of the preliminary 2026 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, 2026, and will serve as the basis for the development of the Fiscal Year (FY) 2027 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.
City of Miami Beach
The attached values reflect an overall increase in property values for the City of Miami Beach of approximately $2.1 billion, or 3.5%, from the 2025 Certified Taxable Value of $60.3 billion to the 2026 Estimated Taxable Value of $62.4 billion. This is comprised of a $1.6 billion, or 2.6%, increase in existing property values, as well as a $0.5 billion increase in new construction values.
If the overall increase in property values were applied using the City's current millage rates, the City would receive an estimated $10.2 million in additional General Fund property-tax revenue in FY 2027. This includes $9.8 million for general operating purposes, $0.2 million for Capital Pay-As-You-Go (PayGo), and $0.2 million for Capital Renewal & Replacement (CRR).
Because the City does not receive the specific property values for the City Center and North Beach Redevelopment Areas until the Miami-Dade County Property Appraiser issues the certified values on July 1, 2026, it is important to note that the impact of the overall change in citywide property values on General Fund property-tax revenues may vary. The final impact will depend on how property values within the two redevelopment areas have changed relative to values outside those areas. As a result, the effect of the overall increase in property values on General Fund revenues may differ from the City's total estimated 3.5% increase in taxable value. Once the certified values are received on July 1, 2026, an updated analysis will be provided via L TC.
July 2025 June 2026 $ Change % Change Certified Preliminary
Property Values: Existing Values $60,299,580,564 $61,872,000,000 $1,572,419,436 2.6% New Construction -528,000,000 528,000,000 100.0%
Total Citywide $60,299,580,564 $62,400,000,000 $2,100,419,436 3.5%
On December 17, 2025, the City Commission adopted Resolution No. 2025-34056, directing the Administration to develop the FY 2027 operating budget using the projected rolled-back millage rate, which would generate the same level of property-tax revenue as the prior year. While the rolled-back