HomeMy WebLinkAboutLTC 291-2026 2026 Certified Tax RollDocusign Envelope ID: F4448888-E14F-855A-8257-C983D069DC5D
MIAMI BEACH
OFFICE OF THE CITY MANAGER
LTC #291-2026
TO:
FROM:
DATE:
SUBJECT:
LETTER TO COMMISSION
Honorable Mayor Steven Meiner and Members of the City Commission
Eric Carpenter, City Manager��
July 1, 2026
2026 Certified Tax Roll
The purpose of this Letter to Commission (L TC) is to inform the Mayor and City Commission of
the 2026 Certification of Taxable Values that were provided by the Miami-Dade County Property
Appraiser's Office for the City of Miami Beach on July 1, 2026. These values are those that will
be utilized in the development of the City's Fiscal Year (FY) 2027 budget.
City of Miami Beach
The attached values reflect an overall increase in property values of approximately $2.1
billion, or 3.5%, from the 2025 Certified Taxable Values of $60.3 billion to the 2026 Certified
Taxable Values of $62.4 billion. This includes a $1.6 billion, or 2.6%, increase in existing property
values and a $0.5 billion increase attributed to new construction.
If the overall increase in property values were applied using the City's current millage rates, the
City would receive an estimated $11. 7 million in additional General Fund property tax revenues
in FY 2027. This includes $11.3 million for general operating purposes, $0.2 million for Capital
Pay-As-You-Go (PayGo) funding, and $0.2 million for Capital Renewal & Replacement (CRR)
funding.
Further, this reflects an approximate $1.5 million increase over the General Fund property tax
revenue projections that were based on the 2026 Estimated Taxable Values provided by the Miami-Dade County Property Appraiser on June 1, 2026, and reported to the Mayor and City Commission in a Letter to Commission (L TC #238-2026). This is comprised of $1.4 million for
general operating purposes, $29,000 for PayGo capital funding, and $23,000 for CRR capital funding in FY 2027.
Since the City does not receive the certified taxable values for the City Center RDA and the North
Beach CRA until the Miami-Dade Property Appraiser releases them on July 1, 2026, the property
tax revenue projections that were issued on June 1, 2026 were based on estimated values. Those
estimates assumed a 3.5% increase in taxable values for both areas compared to the 2025
certified values of approximately $6.9 billion for the City Center RDA and $1.9 billion for the North
Beach CRA. However, the certified 2026 values released on July 1, 2026 reflect a 2.0% decrease
in taxable values for the City Center RDA and a 10.8% increase for the North Beach CRA. Taken
together, these changes result in a net increase in General Fund property tax revenues for FY
2027.
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Letter to Commission --2026 Certified Tax Roll
Page 2
July 2025 July 2026 $%
Certified Certified Change Change
Property Values:
Existing Values $60,299,580,564 $61,853,666,295 $1,554,085,731 2.6%
New Construction -538,720,225 538,720,225 100%
Total Citywide $60,299,580,564 $62,392,386,520 $2,092,805,956 3.5%
City Center Redevelopment Area $6,893,643,464 $6,758,712,850 ($134,930,614)(2.0%)
North Beach Community 1,913,319,827 2,120,765,537 207,445,710 10.8%Redevelopment Area
Total Citywide -Net of RDA &CRA $51,492,617,273 $53,512,908,133 $2,020,290,860 3.9%
Rolled-Back Millage Rate
On December 17,2025,the Mayor and 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.
Based on the 2026 Certified Taxable Values provided by the Miami-Dade Property Appraiser,the
calculated rolled-back millage rate is 5.5762.If the City Commission were to adopt this rate,the
City would collect an estimated $295.8 million in General Fund property taxes.By comparison,
maintaining the current general millage rate of 5.8560 mills would generate approximately $310.6
million.This represents a difference of $14.8 million in recurring General Fund property tax
revenues.
It is also important to note that the FY 2026 General Fund budget was adopted based on $298.9
million in property tax revenues.Due to the Value Adjustment Board's reductions to last year's
taxable values,implementation of the rolled-back rate for FY 2027 would generate $3.2 million
less than what was collected last year,after taking into account new construction.
While the rolled-back rate promotes tax stability,it also means the City would be operating with
reduced property tax revenues during a period when operating costs,construction prices,and
capital funding needs continue to rise.
At the same time,on June 2,2026,the Florida Legislature approved amendment HJR 1-F,a
property tax reform measure known as "Save Our Homes from Excessive Property Taxes",which
if approved by voters,will further constrain property-tax revenues commencing in FY 2028.These
factors underscore the need for strong financial discipline and strategic decision-making.To
support a stable and balanced FY 2027 budget,the City must carefully evaluate new and existing
initiatives,avoid additional recurring commitments,and prioritize investments that sustain
long-term fiscal health while preserving flexibility to address emerging needs.
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Letter to Commission -2026 Certified Tax Roll
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Normandy Shores Local Government Neighborhood Improvement District
The Normandy Shores Local Government Neighborhood Improvement District reflects an overall
increase in property values of approximately $59.0 million,or 12.0%,from the 2025 Certified
Taxable Values of $491.3 million to the 2026 Certified Taxable Values of $550.3 million,consisting
of a $47.1 million,or 9.6%,increase in existing property values and $11.9 million increase
attributed to new construction.
This reflects an incremental increase of approximately $0.3 million,or 0.1 %,compared to the
2026 Estimated Taxable Values provided by the Miami-Dade County Property Appraiser's Office
on June 1,2026,and reported to the Mayor and City Commission in a Letter to Commission (LTC
#238-2026).
July 2025 July 2026 $%
Certified Certified Change Change
Property Values:
Existing Values $491,321,762 $538,432,106 $47,110,344 9.6%
New Construction -11,896,423 11,896,423 100.0%
Total Normandy Shores $491,321,762 $550,328,529 $59,006,767 12.0%
A summary of the 2026 Certified Taxable Values provided by the Miami-Dade County Property
Appraiser on July 1,2026 for all local governments within Miami-Dade County has been attached.
Attachment A-2026 Certified Taxable Values by Taxing Authority
GEC/J DG/TOS/RA
PROPERTY APPRAISER
OF MIAMI-DADE COUNTY
2026 Taxable Values by Taxing Authority
JULY 1,2026
Attachment A
2025 2026 2026
PRELIMINARY TAXABLE VALUE PRELIMINARY PERCENT
TAXABLE BEFORE NEW PERCENT NEW TAXABLE CHANGE NET VALUE
TAXING AUTHORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION VALUE FROM 2025 CHANGE
01 MIAMI 103,705,947,947 106,823,210,937 3.0%3,296,001,109 110,119,212,046 6.2%6,413,264,099
0101 MIAMI (DDA)32,850,927,374 32,744,203,256 -0.3%892,001,978 33,636,205,234 2.4%785,277,860
02 MIAMI BEACH 60,299,580,564 61,853,666,295 2.6%538,720,225 62,392,386,520 3.5%2,092,805,956
0201 MB NORMANDY SHORES 491,321,762 538,432,106 9.6%11,896,423 550,328,529 12.0%59,006,767
03 CORAL GABLES 26,009,577,730 27,458,734,450 5.6%265,699,455 27,724,433,905 6.6%1,714,856,175
04 HIALEAH 22,176,353,210 23,344,837,066 5.3%178,454,225 23,523,291,291 6.1%1,346,938,081
05 MIAMI SPRINGS 1,887,248,316 1,989,296,770 5.4%6,753,496 1,996,050,266 5.8%108,801,950
06 NORTH MIAMI 6,407,721,886 6,716,930,423 4.8%116,118,571 6,833,048,994 6.6%425,327,108
07 NORTH MIAMI BEACH 5,703,241,865 6,004,420,092 5.3%7,766,785 6,012,186,877 5.4%308,945,012
08 OPA-LOCKA 2,128,865,194 2,299,035,975 8.0%31,676,080 2,330,712,055 9.5%201,846,861
09 SOUTH MIAMI 3,117,747,220 3,277,464,628 5.1%108,847,076 3,386,311,704 8.6%268,564,484
10 HOMESTEAD 6,389,200,110 6,511,007,937 1.9%235,489,969 6,746,497,906 5.6%357,297,796
11 MIAMI SHORES 2,152,326,300 2,280,270,146 5.9%20,215,542 2,300,485,688 6.9%148,159,388
12 BAL HARBOUR 7,348,062,198 7,682,974,824 4.6%3,308,595 7,686,283,419 4.6%338,221,221
13 BAY HARBOR ISLANDS 2,346,469,213 2,442,266,135 4.1%61,819,681 2,504,085,816 6.7%157,616,603
14 SURFSIDE 5,401,144,865 5,728,737,791 6.1%9,535,890 5,738,273,681 6.2%337,128,816
15 WEST MIAMI 1,034,608,389 1,064,079,159 2.8%814,688 1,064,893,847 2.9%30,285,458
16 FLORIDA CITY 1,540,521,226 1,527,518,317 -0.8%188,460,445 1,715,978,762 11.4%175,457,536
17 BISCAYNE PARK 468,240,629 500,334,801 6.9%14,298,350 514,633,151 9.9%46,392,522
18 EL PORTAL 411,995,775 399,711,719 -3.0%-142,685 399,569,034 -3.0%-12,426,741
19 GOLDEN BEACH 2,086,793,109 2,205,875,715 5.7%40,400,403 2,246,276,118 7.6%159,483,009
20 PINECREST 8,320,861,078 8,743,854,635 5.1%137,194,401 8,881,049,036 6.7%560,187,958
21 INDIAN CREEK 1,286,011,187 1,419,372,955 10.4%0 1,419,372,955 10.4%133,361,768
22 MEDLEY 6,502,028,956 7,000,913,670 7.7%16,880,054 7,017,793,724 7.9%515,764,768
23 N.BAY VILLAGE 1,824,258,723 1,909,385,856 4.7%-2,370,493 1,907,015,363 4.5%82,756,640
24 KEY BISCAYNE 11,708,685,999 12,233,554,725 4.5%67,691,169 12,301,245,894 5.1%592,559,895
25 SWEETWATER 4,480,530,340 4,636,962,998 3.5%32,718,124 4,669,681,122 4.2%189,150,782
26 VIRGINIA GARDENS 413,617,516 392,630,618 -5.1%127,026 392,757,644 -5.0%-20,859,872
27 HIALEAH GARDENS 2,568,107,895 2,698,439,073 5.1%10,476,881 2,708,915,954 5.5%140,808,059
28 AVENTURA 14,188,776,396 14,294,887,330 0.7%7,204,972 14,302,092,302 0.8%113,315,906
30 UNINCORPORATED 135,443,245,432 142,352,875,698 5.1%1,544,411,095 143,897,286,793 6.2%8,454,041,361
31 SUNNY ISLES BEACH 19,114,425,368 19,380,457,508 1.4%117,280,871 19,497,738,379 2.0%383,313,011
32 MIAMI LAKES 5,242,062,899 5,497,727,266 4.9%15,078,617 5,512,805,883 5.2%270,742,984
33 PALMETTO BAY 4,875,642,690 5,123,990,414 5.1%20,240,425 5,144,230,839 5.5%268,588,149
34 MIAMI GARDENS 9,617,813,038 10,075,356,061 4.8%6,238,490 10,081,594,551 4.8%463,781,513
35 DORAL 21,884,293,541 22,660,354,316 3.5%4,208,234 22,664,562,550 3.6%780,269,009
36 CUTLER BAY 4,314,455,178 4,570,914,322 5.9%4,095,341 4,575,009,663 6.0%260,554,485
COUNTY-WIDE 512,351,556,115 533,033,101,773 4.0%7,104,154,372 540,137,256,145 5.4%27,785,700,030
FIRE AND RESCUE 288,495,540,819 301,363,382,192 4.5%2,757,588,189 304,120,970,381 5.4%15,625,429,562
LIBRARY 456,810,234,666 474,825,520,204 3.9%6,533,278,336 481,358,798,540 5.4%24,548,563,874
SCHOOL BOARD 583,598,495,240 586,108,904,187 0.4%7,106,570,906 593,215,475,093 1.6%9,616,979,853
S FL WATER MNGT DIST 514,244,836,528 534,979,981,801 4.0%7,106,570,906 542,086,552,707 5.4%27,841,716,179
FL INLAND NAV DIST 514,244,836,528 534,979,981,801 4.0%7,106,570,906 542,086,552,707 5.4%27,841,716,179
THE CHILDREN'S TRUST 514,244,836,528 534,979,981,801 4.0%7,106,570,906 542,086,552,707 5.4%27,841,716,179