Coral Gables Commission sets a slightly lower tax rate
07/25/2014 4:23 PM
07/25/2014 4:23 PM
The Coral Gables City Commission voted Wednesday to advertise a slightly lower property tax rate.
Interim City Manager Carmen Olazabal proposed a tax rate of $5.589 per $1,000 of taxable property value, which is a small decrease from the current rate of $5.629. Commissioners unanimously approved the rate, which means it can hold or be lowered but cannot be easily raised before two public hearings in September.
A typical homeowner in the Gables with a property assessed at $345,000 would pay about $1,678 in property taxes, which marks an $18 increase from last year, assuming the owner qualifies for the standard homestead exemption and the home’s assessed value increased by 1.5 percent, the maximum allowed by state law this year for an owner-occupied home.
Coral Gables has scheduled two public hearings where people can sound off on this year’s tax rate and budget proposal. The hearings will be at 5:01 p.m. Sept. 11 and Sept. 23 at City Hall, 405 Biltmore Way.
A letter will be sent to all homeowners in the city in August that will include the proposed tax rate and public hearing dates. This state-mandated letter, called a “TRIM notice,” will also have proposed tax rates for city, county school board and other local agencies.
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