Residents of Coral Gables can expect to see work continue on new parking lots and garages, new and improved lighting and repairs to the city hall building in the upcoming budget year.
City staff has estimated a budget of about $183 million including about $158 million in operating expenses and about $18 million devoted to the capital project budget.
The city is also proposing the same tax rate as last year, which is about $5.56 per $1,000 of assessed property value. The recommended rate was given initial support at a budget workshop last month but will still require final approval and can be lowered before the 2016-17 budget is approved. It’s unlikely that the rate will increase before final approval.
A resident with a home valued at about $411,000, the median assessed value according to the property appraiser’s office, will pay about $2,023 in property taxes. That’s an increase of about $59 from last year. That number assumes that the owner qualified for the standard homestead exemption, and that the home’s assessed value rose by 0.7 percent, the maximum allowed by law this year for owner-occupied homes.
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There will be two public hearings for residents to give their input on the city’s proposed budget. The meetings will take place at 5:15 p.m. Sept. 13 and again at 5:15 p.m. Sept. 27 at City Hall, 405 Biltmore Way.
Homeowners will also receive a letter known as a “TRIM notice” in August giving them their proposed tax rate and hearing dates. The letter also includes proposed tax rates for Miami-Dade County, the school board and other local agencies.
Note: An earlier version of this article included an incorrect estimate on the increase in property taxes.