The Miami Springs council on Monday voted 5-0 to lower the city’s property tax rate for the 2015-16 fiscal year, which started Oct. 1.
The new tax rate of $7.50 per $1,000 of assessed property value, is 2.3 percent lower than this year’s rate of $7.67 per $1,000.
Impact on taxpayers
Under the proposed rate, the owner of a median home valued at about $179,690 (taken from the median assessed value from the property appraiser) would pay about $1,347.68 in property taxes.
The value of real property not exempt from taxation within the city, according to the county property appraiser, reflects a current year adjusted taxable value of $985,740,313.
This marks a slight reduction from last year, assuming the owner qualified for the standard homestead exemption and the home’s assessed value increased by 0.8 percent, the maximum allowed by law this year for an owner-occupied home.
Miami Springs held two public hearings to discuss its operating budget for the 2015-16 fiscal year. No resident spoke during open forum and there was no discussion by council at Monday’s final hearing.