Cutler Bay residents could see an increase in property tax next year if the town adopts the higher rate unanimously agreed on by the Town Council on Wednesday.
The council voted to advertise a maximum rate of $2.84 per $1,000 of taxable property. The rate would be a 10 percent increase on the current tax rate of $2.57. The rate will be sent to Miami-Dade County Property Appraiser for inclusion in residents’ annual tax notice, which will be mailed out Aug. 23.
The owner of a home with an assessed value of $120,000, with the standard $50,000 homestead exemption, would pay about $199 with the new tax rate. That would be an increase of about $19, and assumes the owner qualifies for the standard 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.
These figures include only town tax. Miami-Dade County, the school board and other agencies also levy property taxes, which will be shown in the notice from the property appraiser.
The council may not adopt the higher rate. Last year, the council set the tax rate ceiling at $2.94 but ended up adopting the $2.57 rate from the previous year.
At the meeting, Town Attorney Mitchell Bierman advised the council to advertise the tax rate as high as they thought might be necessary.
“You can go down, but you can’t go up, so set it as high as you can possibly go, so down the road you don’t need to,” Bierman said.
Buy Mayor Ed MacDougall said after the meeting that he sees the tax rate going down this year.
"We have plenty of money, we have plenty of income and we expect to lower the rate this year," the mayor said.