Tom Korge, Candidate for Mayor of Coral Gables: ON TAXES
February 27, 2011 Leave a comment
Since 2007, real estate values have fallen substantially. To compensate during the past 3 fiscal years, the City has increased its property tax millage rate by more than 15% from 5.250 mills for Fiscal Year Ending (FYE) 2009 to 5.895 for FYE 2010 to 6.072 mills for the current FYE 2011. Yet, the City’s property tax revenue is still projected to decrease by $3 million for FYE 2011. As a result, and because the City did not accumulate sufficient capital reserves during the real estate boom, the City has less funding available for important capital repairs and improvements. The good news is that the City must learn to live with less, to become much more efficient and effective in delivering services to its citizens.
For years, the City neglected its finances, failing to build adequate reserves. We are paying for that neglect with a higher tax rate. During these difficult times, we need to reduce, not increase, our property tax rate. As your Mayor, I’ll use my knowledge and experience to work toward meaningful reforms so we can not only avoid further tax rate increases, but also decrease our property tax rate to a more acceptable level.
via Tom Korge.