Property Tax Rates In Miami Now At The Second Lowest In Three Decades

Miami commissioners voted last week to lower property tax rates.

Mayor Francis Suarez noted in a social media video that the new millage rate for 2019 will be the second lowest in the city over the past three decades.

Under the new budget, the total millage rate for the city is dropping from 8.03 in 2018 to 7.99 this year.

Still, Miami is seeing a jump in tax revenue thanks to a property boom. Taxable values are up 10.5% for 2019 when including new construction, while existing values are up 4.5%.

Neighboring coastal cities with a concentration of high-value property also enjoy a lower millage rate than the city of Miami.

Suarez noted that crime rates in Miami are also now at the lowest they have been in over 50 years.

 

 

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Anonymous
1 year ago

Silly article. The point is no one’s property taxes are falling due to lower millage rates, since assessed values are increasing! The focus needs to be on municipal spending, which is certainly not falling. Most communities, including Miami, are also experiencing a windfall from the new development being added to the tax rolls. Any politician bragging about “lower millage rates” while increasing spending budgets, well you get the idea. Cheers.

Anonymous
1 year ago

Damn that was well said…

Anonymous
1 year ago

Also please see about lowering property insurance rates.

Anonymous
1 year ago

Between this and the Fed looking to lower interest rates…it’s almost as if some folks see a recession coming or something… *sips tea*

Anonymous
1 year ago

What does a municipality lowering their millage rate have to do with a potential recession? The increase in revenues allowed them to lower their rate while still balancing the budget. That’s the sign of a good economy.

Anonymous
1 year ago

Our local economy is driven by the real estate market. Development is slowly dwindling. Property values have only increased because of new construction.
Look at the downward trend of new construction projects in Miami proper, then look at other parts of the region (Ft. Lauderdale, West Palm, etc) and how they’re developing more than Miami. The Fed has already reduced the interest rates. They did that because things are slowing down nationally. Locally, you wanna be more competitive? Put this fluff out to make people THINK they’re going to save a buck if they buy property (existing or pre construction) in Miami to attempt to create demand for more construction and then more projects happen, and the cycle continues.

Anonymous
1 year ago

Not true. Compare the building projects in Ft. Lauderdale and Palm Beach and the numbers do not come close to Miami, both current as well as projects in the pipeline i.e. projects that are already permitted, foundations poured and those waiting for FAA approval.

Anonymous
1 year ago

Look at the volume of deliveries year over year for the last 5 years. You’ll see that between last year and this year to date, deliveries are shrinking. I can’t even name one project that broke ground in downtown last year, can you? Sure, a few broke ground this year, but overall, the volume isn’t maintaining. I know development is finite, but when your economy is dependent on a finite source, you do anything you can to help prop it up.

Anonymous
1 year ago

Looks good. Meanwhile in Miami Beach they are up to their eyes in debt and keep raising taxes.

Anonymous
1 year ago

Democrats live there

Anonymous
1 year ago

just shutup…have no idea what to say do you? 4yo minds doing analysis

Anonymous
1 year ago

Um yeah.. I guess the rising taxes have nothing to do with the millions upon million of dollars Miami Beach is spending to try and save the place from rising sea levels.. nahh, nope, nada.. let’s just blame it on the Democrats.

Meanwhile the debt for Bush’s and the Republicans war keeps rising and rising.

Anonymous
1 year ago

Um, they tried and the people who voted for raising taxes were against it believing infrastructure construction would lower property values. Alas, blaming Bush and the Republicans completely voids any validity in your argument, especially when Obama accumulated more debt then all Presidents combined, and escalated the war into Syria.

Anonymous
1 year ago

I see the GRU’s trolls are making themselves at home in Sunny Isles, eh?

Anonymous
1 year ago

You don’t know what you’re talking about. Republicans were the ones pushing President Obama into entering the civil war in Syria. He did not. He went after Isis who were hiding out in Syria. Again, George Bush racked up the highest debt with his wars in Iraq and Afghanistan killing thousands of American soldiers and hundreds of thousands of Iraqis and Afgans. The Iraq war was costing America several billion dollars every month. A war by the way, that was started under false pretenses by GW and his war mongering repugnants.

Anonymous
1 year ago

Values are still going up so there is still a net tax increase.

Anonymous
1 year ago

This is Good because:
A) City of Miami Commissioners will use it as an excuse to not invest in a mass transportation system?
B) There will be no money to invest in infrastructure improvements?
C) This is a local election year?
D) All of the above?

I own a house in Palm Grove on 1/4 of care of and (Upper East Side). I pay $890 a year

Anonymous
1 year ago

FXS for prez

Anonymous
1 year ago

All y’all out here saying property values are increasing, but are they? How much of preliminary assessed values are up from new construction only? You have to remember this is a complex puzzle. You have to look at multi family and single family separately, oh, and since everyone forgets, commercial property owners also pay property taxes! You have to look at how existing and new inventory’s values are performing for everything: multi family, single family, commercial, and industrial, and then compare new v existing for each. Easy to make general statements when you’re only looking at grand totals, but don’t make yourselves sound naive; you only have the big picture in these documents.

Anonymous
1 year ago

Right. That should last long when it turns for the worse in a year’s time. Economy being pumped up via some of the largest consumer and commercial debt ever seen. Nice try and good luck.

Anonymous
1 year ago

Look, I got this.. I told you, “only I can fix this… ”

– The Orange One