MIAMI – Miami-Dade Property Appraiser Pedro J. Garcia today released the annual report on Real Estate and Tangible Personal Property (business equipment) in the county.
Mr. Garcia noted that last year’s County taxable value was $245,562,406,227. The 2009 re-assessment of taxable value for existing properties is estimated at $215,764,000,000, a decline of 12.1% as compared to last year. When factoring in the County’s New Construction value, the 2009 taxable value in the County is $223,010,000,000, a 9.2% decline from 2008.
He said the data confirmed the negative trend his staff had detected since the early stage of the analysis.
The data Mr. Garcia released today allows the taxing authorities; County Government, the 35 municipal governments, the School Board and the South Florida Water Management District, to begin preparation of their respective budgets.
The June 1, 2009 estimates include implementation of a ten percent cap on the assessment of non-homestead properties, the fourth component of the ‘Amendment 1’ property tax relief package Florida voters approved in January 2008. However, Mr. Garcia said, because of the general decline in property values, the ten per cent cap had little impact on the tax roll.
The other three components of Amendment One went into effect last year. Those were a $25,000 increase the Homestead Exemption, Portability, which allowed homeowners to transfer all or part of their accumulated Save Our Homes benefit from one homesteaded property to another and a $25,000 exemption on business equipment.
The estimate of value for individual properties will be provided in August when the Property Appraiser’s Office mails a Notice of Proposed Property Taxes (also called a TRIM Notice) to each property owner in Miami-Dade County.
Mr. Garcia emphasized that the data released today was only a preliminary estimate of the 2009 values.
The certified tax roll will be issued on July 1.
