Cutler Bay residents would pay more in property tax next year if Town Council members adopt the rate they voted to advertise on Wednesday.
The owner of a typical home with an assessed value of $115,000, taking the standard $50,000 homestead exemption, would pay $201.20, an increase of about $34 from this year.
That’s based on a tax rate of $2.9394 per $1,000 in taxable home value — which was the rate council members voted to send to the Miami-Dade County Property Appraiser for inclusion in residents’ annual tax notice, which will be mailed Aug. 24. That rate would be up from this year’s $2.5702.
The $34 increase assumes the homeowner’s assessed value increased by 3 percent, the maximum allowed for an owner-occupied home under the Florida Constitution. Owners of commercial property or rental homes could see a smaller or larger tax bill depending on the actual value of their property.
However, the council may not adopt the rate they are advertising. Last year, council members advertised a rate of about $2.80 per $1,000, but ultimately adopted a rate 23 cents lower. The council can adopt a lower rate than advertised, but not a higher one.
The advertised tax increase would bring in about $598,000 for the town, said Mayor Ed MacDougall. The majority of that revenue would go towards the town’s new high school, which opens in September, as well as leftover costs from the construction of Lakes by the Bay Park.
“Last year we asked the residents if they wanted the town to spend money on a high school, and we heard very few in opposition,” MacDougall said.
The town has already paid $615,000 out of the $2.7 million it will cost to open the school.
Residents can share their views on the tax rate at either of two public hearings scheduled for 7 p.m. on Sept. 10 and Sept. 24 at Town Hall, 10720 Caribbean Blvd.