LTC 252-2023 2023 Preliminary Tax Roll EstimateMIAMI B EACH
O FF IC E O F T H E CITY M A N A G ER
LTC NO.
LETTER TO COMMISSION
TO:
F R O M :
D A T E :
H onorab le M ayor D an G e lb~~ers of the City C om m ission
A lin a T . H ud ak, C ity M ana g\)\ ;q \
Ju ne 1, 20 2 3
S U B JE C T : 20 2 3 P re lim in a ry T ax R oll E stim a te
T he pu rpo se of this Lett e r to C o m m issio n (L TC ) is to transm it the prel imi nary 2023 prop er ty values
fo r the C ity of M ia m i Be a ch , w hich are attached . O n Ju ly 1, 2023, the City w ill receive the certified
prop e rt y valu e s fr o m the M ia m i-D ade C o unty Prope rt y A ppraiser's Office, w hich w ill be the values
utilize d fo r bud g e t purpo se s in the de velopm e nt of the Fiscal Y ear (FY ) 2024 budget. T he attached
prelim in ary valu e s provid e d by the M ia m i-D ade C ounty Pro pert y A ppraiser are an estim ate and
a re , therefo re, su bje ct to change althoug h the diff erence betw een the annual prelim inary and
ce rt ifi e d valu es is typica lly m in im a l.
T h e a tt a c h e d v a lue s refle ct an ove ra ll increa se in pro pert y values of app ro xi m ately $4.9
b illi o n , o r 10 .4%, fro m the 202 2 C e rt ifie d Taxa ble V alue of $46.5 billion to the 2023 Estim ated
T a x ab le V alu e of $5 1.4 billion . T his incl ude s a $4.6 billion, or 10.0%, increase in existing property
valu e s , as w e ll as a $0.2 billion increa se in new co nstruction values. A pplying the overall increase
in values to prop e rty ta x revenue s w o uld result in a prelim inary estim ated increase of
a p p ro xim a te ly $22 .4 m illio n in G e neral Fund pro pe rt y tax revenue fo r operating purp oses, $0.4
m illion in P a y A s Y ou G o C ap ital fund ing , and $0.2 m illion in C apital R enew al & R eplacem ent
(C R R ) fun d in g.
It is im p ort an t to no te tha t the im pa ct of the cha nge in pro perty values on the Genera l Fund,
sp e cific a lly, w ill be aff ecte d by the po rt ion of the changes in propert y values that occurred inside
the C ity's tw o re develop m ent area s (the C ity C e nte r R edevelopm ent A gency and the North Beach
C o m m unity Red e velop m en t A ge ncy) com pared to the changes outside the City's tw o
re d eve lop m en t area s, w hich can vary fr om the 10 .4 % increase in values cityw ide. T he breakdow n
be tw e e n the G e nera l Fun d an d the C ity's tw o rede velopm ent areas is still pending since the City
w ill no t re ce ive the C ity C e nte r R edevelopm ent A gency and the N ort h Beach Com m unity
R ed ev e lop m e n t A ge ncy valu e s until the cert ifie d values are pro vided by the M iam i-D ade C ounty
P ro pe rt y A p p ra ise r on July 1, 20 23. O nce the value s are received on July 1, 2023, an updated
a n a lysis w ill be pro vid ed .
Ju ly 202 2 Ju ne 2023
C ert ifi e d Pre lim in ary $ Chan e % Chan e
P ro p e rt y V a lu e s
E xistin g Va lue s $46,54 4,6 94,070 $51,180,000,000 $4,635,305,930 10.0%
N e w C onstructio n 0 220,000,000 220,000,000 100.0%
T o ta l C ityw id e $4 6,54 4,694,07 0 $5 1,4 00,000,000 $4,855,305,930 10.4 %
252-2023
Letter to Commission - 2023 Preliminary Tax Roll Estimate
Page 2 of2
The Normandy Shores Local Government Neighborhood Improvement District reflects an overall
increase in property values of approximately $83.5 million, or 27.3%, from the 2022 Certified
Taxable Value of $305.5 million to the 2023 Estimated Taxable Value of $389.0 million. This
includes a $82.5 million, or 27.0%, increase in existing property values, as well as a $1.0 million
increase in new construction values.
July 2022 June 2023
Certified Preliminary $ Chan e % Chan e
Property Assessment
' Existing Values $305,472,912 $388,000,000 $82,527,088 27.0%
New Construction 0 1,000,000 1,000,000 100.0%
Total Normandy Shores $305,472,912 $389,000,000 $83,527,088 27.3%
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 23, July 21,
and July 28, 2023.
If you have any questions or need additional information, please feel free to contact me.
Attachm ent 1 - 2023 Estimated Taxable Values by Taxing Authority
ATH/JG/TOS
M IA M I -D A D E C O U N T Y
PROPERTY A P P RA IS E R
2023 Estimated Taxable Values by Taxing Authority
JUNE 1, 2023
2022 2023 ESTIMATED
PRELIMINARY TAXABLE VALUE 2023 PERCENT
TAXABLE BEFORE NEW PERCENT NEW JUNE 1ST CHANGE NET VALUE
TAXING AUTHORITY VALUE CONSTRUCTION CHANGE CONSTRUCTION ESTIMATE FROM 2022 CHANGE
01 MIAMI 73,749,481,211 82,824,000,000 12.3% 1,376,000,000 84,200,000,000 14.2% 10,450,000,000
0101 MIAMI ( DDA) 24,602,533,803 27,434,000,000 11.5% 166,000,000 27,600,000,000 12.2% 2,997,000,000
02 MIAMI BEACH 46,544,694,070 51,180,000,000 10.0% 220,000,000 51,400,000,000 10.4% 4,855,000,000
0201MBNORMANDYSHORES 305,472,912 388,000,000 27.0% 1,000,000 389,000,000 27.3% 83,000,000
03 CORAL GABLES 20,101,009,587 22,077,000,000 9.8% 423,000,000 22,500,000,000 11.9% 2,398,000,000
04 HIALEAH 15,369,871,099 17,216,000,000 12.0% 284,000,000 17,500,000,000 13.9% 2,130,000,000
05 MIAMI SPRINGS 1,449,806,131 1,593,000,000 9.9% 4,000,000 1,597,000,000 10.2% 147,000,000
06 NORTH MIAMI 4,605,444,600 5,140,000,000 11.6% 60,000,000 5,200,000,000 12.9% 594,000,000
07 NORTH MIAMI BEACH 4,113,425,952 4,740,000,000 15.2% 0 4,740,000,000 15.2% 626,000,000
08 OPA-LOCKA 1,551,388,190 1,689,000,000 8.9% 11,000,000 1,700,000,000 9.6% 148,000,000
09 SOUTH MIAMI 2,362,980,956 2,579,000,000 9.1% 21,000,000 2,600,000,000 10.0% 237,000,000
10 HOMESTEAD 4,360,611,776 4,831,000,000 10.8% 189,000,000 5,020,000,000 15.1% 659,000,000
11 MIAMI SHORES 1,535,464,298 1,746,000,000 13.7% 4,000,000 1,750,000,000 14.0% 214,000,000
12 BAL HARBOUR 5,774,201,876 6,193,000,000 7.3% 7,000,000 6,200,000,000 7.4% 425,000,000
13 BAY HARBOR ISLANDS 1,632,803,218 1,894,000,000 16.0% 6,000,000 1,900,000,000 16.4% 267,000,000
14 SURFSIDE 3,651,048,630 3,997,000,000 9.5% 3,000,000 4,000,000,000 9.6% 348,000,000
15 WEST MIAMI 828,793,856 875,000,000 5.6% 1,000,000 876,000,000 5.7% 47,000,000
16 FLORIDA CITY 925,481,705 1,009,000,000 90% 101,000,000 1,110,000,000 19.9% 184,000,000
17 BISCAYNE PARK 309,707,689 367,000,000 18.5% 1,000,000 368,000,000 18.8% 58,000,000
18 EL PORTAL 226,240,502 266,300,000 17.7% 700,000 267,000,000 18.0% 40,000,000
19 GOLDEN BEACH 1,438,422,337 1,615,000,000 12.3% 25,000,000 1,640,000,000 14.0% 201,000,000
20 PINECREST 6,066,710,208 6,673,000,000 10.0% 127,000,000 6,800,000,000 12.1% 733,000,000
21 INDIAN CREEK 831,971,445 884,700,000 6.3% -700,000 884,000,000 6.3% 52,000,000
22 MEDLEY 3,205,242,164 4,810,000,000 50.1% 390,000,000 5,200,000,000 62.2% 1,994,000,000
23 N. BAY VILLAGE 1,311,100,447 1,449,800,000 10.6% 200,000 1,450,000,000 10.6% 138,000,000
24 KEY BISCAYNE 9,096,495,184 9,891,000,000 8.7% 9,000,000 9,900,000,000 8.8% 803,000,000
25 SWEETWATER 3,307,159,031 3,681,000,000 11.3% 19,000,000 3,700,000,000 11.9% 392,000,000
26 VIRGINIA GARDENS 372,489,301 366,917,000 -1.5% 83,000 367,000,000 -1.5% -5,489,300
27 HIALEAH GARDENS 1,768,783,577 1,987,000,000 12.3% 53,000,000 2,040,000,000 15.3% 271,000,000
28 AVENTURA 11,368,391,539 12,387,000,000 9.0% 13,000,000 12,400,000,000 9.1% 1,031,000,000
30 UNINCORPORATED 101,823,792,808 110,311,000,000 8.3% 1,689,000,000 112,000,000,000 10.0% 10,176,000,000
31 SUNNY ISLES BEACH 13,781,795,040 15,244,000,000 10.6% 656,000,000 15,900,000,000 15.4% 2,118,000,000
32 MIAMI LAKES 4,131,041,213 4,489,000,000 8.7% 11,000,000 4,500,000,000 8.9% 368,000,000
33 PALMETTO BAY 3,714,374,050 4,064,000,000 9.4% 56,000,000 4,120,000,000 10.9% 405,000,000
34 MIAMI GARDENS 6,868,956,173 7,652,000,000 11.4% 148,000,000 7,800,000,000 13.6% 931,000,000
35 DORAL 16,609,380,949 18,048,000,000 8.7% 252,000,000 18,300,000,000 10.2% 1,690,000,000
36 CUTLER BAY 3,261,804,057 3,573,000,000 9.5% 27,000,000 3,600,000,000 10.4% 338,000,000
COUNTY-WIDE 377,897,396,044 418,311,000,000 10.7% 5,889,000,000 424,200,000,000 12.3% 46,302,000,000
FIRE AND RESCUE 213,164,959,610 235,124,000,000 10.3% 3,576,000,000 238,700,000,000 12.0% 25,535,000,000
LIBRARY 338,627,116,797 374,257,000,000 10.5% 5,343,000,000 379,600,000,000 12.1% 40,972,000,000
SCHOOL BOARD 428,837,004,339 498,207,000,000 16.2% 5,893,000,000 504,100,000,000 17.6% 75,262,000,000
S FL WATER MNGT DIST 379,933,131,965 420,307,000,000 10.6% 5,893,000,000 426,200,000,000 12.2% 46,266,000,000
FL INLAND NAV DIST 379,933,131,965 420,307,000,000 10.6% 5,893,000,000 426,200,000,000 12.2% 46,266,000,000
THE CHILDREN'S TRUST 379,933,131,965 420,307,000,000 10.6% 5,893,000,000 426,200,000,000 12.2% 46,266,000,000