The South Miami City Commission voted 5-0 on Tuesday night to keep the property-tax rate of $4.3639 for every $1,000 of a home’s taxable value.
The proposed tax rate could be lowered during the budget process, but cannot be raised.
If the tax rate remains the same, then the city will see a roughly $20,000 bump in revenue because the total taxable value of property in South Miami increased 0.46 percent, according to a July 1 estimate from the Miami-Dade County property appraiser.
The owner of home assessed at $250,000 would pay about $873. That would be about an $18 increase, assuming the owner qualifies for the standard $50,000 homestead exemption and that the home’s taxable value increased by 1.7 percent, which is the maximum allowed this year for an owner-occupied home.
Next month, property owners will receive a letter called a “TRIM Notice” from the Miami-Dade County Property Appraiser’s Office, listing the taxes the owner would pay to each local agency if the proposed tax rates are approved. Homeowners pay property taxes to the county, the school board and other agencies as well as a city.
The proposed tax rate still needs to go through a budget workshop and two budget hearings before taking effect Oct. 1, the start of the 2013-2014 fiscal year.
A budget workshop is scheduled for 9 a.m. on Aug. 29 at City Hall, 6130 Sunset Dr.
The commission will hold public hearings on the budget, also at City Hall, at 7:30 pm on Sept. 10 and Sept. 24.