With a slight decrease, Miami Beach’s property-tax rate has been whittled down to its lowest level since at least the Kennedy administration.
The city commission on Wednesday proposed a property-tax rate at $5.89 per $1,000 of assessed property value, which is slightly lower than last year’s rate. That decrease comes from a lower debt service rate.
With this rate, the Beach expects to see $160 million in property-tax revenues, which is an estimated 50 percent of general fund revenues.
After Wednesday’s vote, the city cannot easily increase the proposed rate, but it can be lowered. Two more budget hearings will be held on the rate before the beginning of the next fiscal year on Oct. 1.
City Manager Jimmy Morales said his staff researched the history of the Beach’s tax rates and could not find a lower rate in its records.
“We have not seen these millage rates in my lifetime,” he said. “Our department of budget and performance improvement scoured the shelves to find the oldest adopted budget documents. The oldest book found was from fiscal year 1962 with a 19.0000 [property-tax] rate.”