The city of Coral Gables plans to lower its property tax rate for the upcoming fiscal year, which would lead to a small increase in the typical bill for taxpayers.
The Coral Gables city commission voted July 8 to set a tentative tax rate of $5.56 per $1,000 of assessed property value, a lower rate than last year — $5.59 per $1,000 of assessed property value.
Impact on taxpayers
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Under the proposed rate, the owner of a typical home valued at about $362,000 (taken from the median assessed value from the Miami-Dade property appraiser) would pay about $1,760 in property taxes.
This marks about a $16 increase from last year, assuming two things: that the owner qualified for the standard homestead exemption and the home’s assessed value increased by 0.8 percent, which is the maximum allowed by law this year for owner-occupied homes.
That rate will likely not increase as the budget season goes on, but it can be reduced before the council approves the final rate in September.
Impact on services
According to a list of service enhancements discussed by commissioners, the city wants to invest more into its pension programs for excluded/exempt city employees. The city also plans to purchase a minimum of six all-electric vehicles and to install car charging stations at City Hall, in city garages, and on Southwest 72nd Avenue. Officials also plan to increase lighting on streets and civic buildings, as well as implement social media into their communications platform and increase its traffic enforcement.
What the city manager says
“In some instances we are adding new dollars, and in other instances, it is re-prioritizing current dollars to maximize results. ... Key initiatives in this year’s budget center on public safety and the renovation of facilities and recreational areas.” — Cathy Swanson-Rivenbark
▪ When: 5:15 p.m. Sept. 8 and Sept. 22.
▪ Where: 405 Biltmore Way.
Check your mailbox
Homeowners will receive a letter called a “TRIM notice” in August giving them their proposed tax rate and hearing dates. The letter will also include proposed tax rates for the county, school board and other local agencies.