Coral Gables Budget: Tax Time Again

The new budget requires another increase in taxes.  Be cognizant that the increase is truly what economists call “real” increases because there is no inflation–these increases, however small or large, are real dollars coming out of your pocket.

Last year’s tax rate was 5.895 per thousand of property values.  The so-called rolled-back rate is 6.189. This is the rate that keeps the city’s property tax revenues the same as last year–in essence the concern is with the “well being” of the city rather that the impact on the citizen.  [Maybe we should call the rate a “rolled-forward rate” since it is higher than the last rate].

The Budget estimate requires a tax rate of 6.072 millage rate.  This is the rate that a simple majority of the Commissioners can approve, without the usual recent past dissenters of Messrs. Cabrera and Kerdyk, who might certainly force the lower so-called TRIM rate of 6.072 or a 3% increase assuming that one’s property value is the same as last year.  Let’s see what happens in coming weeks, but certainly the plan is for everyone to pay more taxes here in Coral Gables and in Miami-Dade county.

About Stephen E. McGaughey
International consultant in economic development programs and projects

One Response to Coral Gables Budget: Tax Time Again

  1. Dade County City’s are raising the Millage Rate in 2010, after years of getting extra money for nothing. The cities have had ample time to cutback. We all know that home prices are still much lower than they were last year. Just look at the twice a week Miami Herald Neighbors section, which shows the Market Value vs what a recent sale went for. The home sale price is almost always much lower than the market value.

    I tell all my clients to Appeal their property taxes! The other reason to appeal, is that you legally don’t have to pay your property taxes until 30 days after receipt of the results from the hearing. And the hearing can take way over a year to occur.
    Rick

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