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Wednesday, July 19, 2017

Miami-Dade has approved a flat property-tax rate increase for 2018

http://www.miamidade.gov/transit/images/rail-BIG.jpg

Property Values are going up, condos are going up (adding to the tax base), and people are upgrading their homes.  Regardless of this, Miami-Dade still faces shortfalls in sales tax projections and a decline in hotel-tax revenues.

The County is facing cuts in transit and has no way to pay for a major expansion of the counties Metrorail.  While property taxes will bring in $1.7 billion, the County budget is $7.4 billion.

Miami-Dade is also having to contend with the new homeowner tax deductions that will most likely be voted in shortly.  This will increase the homestead exemption from $50,000 to $75,000 of the first $100,000 of the home's taxable value.  One could assume that the County is trying to boost the tax on the property taxes now to get ahead of the future reduction.

The new flat property-tax is not a significant number but is still an increase.  Budget chief Jennifer Moon has stated that a property valued at $200,000 would see an increase of $4.00 extra a year.

All properties are taxed at $467 for every $100,000 of taxable value (based on your homesteaded value, not market value).  Bond referendums taxes at $40 for every $100,000 of value.  Municipal services (outside of city limits $193 per $100,000, library $28 per $100,000, and fire $243 per $100,000.

The County is promising increased service and improvements for public transportation but do not know how to pay for it.

Your TRIM notice will be arriving next month.  Please remember that the top may say THIS IS NOT A BILL, the bottom say if you do not appeal now, you forfeit your right to appeal when you receive your bill.  Click here to view a estimated calendar of important dates.  If you suspect that your home or investment property has been improperly assessed or want us to give you our opinion, please contact us at www.PTAGflorida.com or call (305) 693-3500.

Click here to read the full Miami Herald story

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