Thursday, June 2, 2011

20 South Florida cities see increase in taxable property value

What does this mean... Property value declines, while modest, are likely to reduce revenue further in already lean county budgets. Miami-Dade’s property tax rolls had already shed more than $50 billion during the downturn to reach $192.2 billion, so another 3.3 percent drop is that much more painful. In Broward, the 1.9 percent slip means the county’s tax base, at $125.6 billion, is 28.7 percent below its 2007 total of $176.1 billion.

Things are looking better in some areas but not so great over all.  As an example, an 8 percent decrease in taxable values in North Miami will force city officials to consider even more cuts after last year’s budget shortfall forced layoffs, furlough days and salary reductions across almost every department in the city. The 8 percent decrease comes on the heels of a 20 percent drop the year before.

8 percent is better than 20% but these days, holding even would be great.  We can then look forward to a positive future.

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