North Miami is planning to keep its tax rate the same for the second straight year as it prepares for the 2014-15 fiscal year.
The City Council unanimously approved the staff’s proposed tax rate of $7.93 per $1,000 of assessed property value. The city will likely keep that rate the same, as any increase would require a re-notice to residents, but it can be lowered or remain the same.
Under the proposed tax rate, the owner of a median home valued at about $72,000, would pay about $183 in property taxes. This assumes two things: that the homeowner took the standard $50,000 homestead exemption and that the home’s assessed value increased by 1.5 percent, which is this year’s maximum, based on state law.
The council voted to approve two dates for public hearings to discuss the city’s budget. Both meetings will be held in September with the first meeting taking place 6 p.m. Sept. 10, and the second at 6 p.m. Sept. 22. The meetings will be held at North Miami City Hall, 776 NE 125th St.
Homeowners will receive a letter some time in August giving them their proposed tax rate and hearing dates called the “TRIM notice.” The letter will also include the proposed tax rates for the county, the school board and other local agencies.