North Miami plans to keep same tax rate for next fiscal year

North Miami plans to keep its tax rate this same in the upcoming fiscal year after a period of increased property values and the groundbreaking of the SoLe Mia project.

The proposal

The North Miami City Council voted Tuesday to propose a tax rate of $7.93 per $1,000 of assessed property value, which falls in line with city’s rate for the last few years.

Impact on taxpayers

Under the proposed rate, the owner of a median home valued at about $77,000 (taken from the median assessed value from the property appraiser) would pay about $218 in property taxes.

This marks about a $4 increase 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 owner-occupied homes. The city will likely not raise the rate any higher as the budget season goes on, but it can be lowered.

Impact on services

City staff said the decision to leave the tax rate as is was to give the elected officials and the public a chance to weigh in on budget priorities before potentially reducing the rate. So far the city hasn’t proposed any cuts or reductions in service.

What the budget director says

“We left it the same just to be on the safe side. As we continue through the budget process we want to make sure we leave ourselves the room to balance the budget.” — Arthur Sorey

Public hearings

▪ When: 6 p.m. Sept. 10 and Sept. 24.

▪ Where: North Miami City Hall, 776 NE 125th St.

Check your mailbox

Homeowners will receive a letter called a “TRIM notice” in August giving them their proposed tax rate and budget hearing dates. The letter will also include proposed tax rates for the county, school board and other local agencies.

This story was originally published July 16, 2015 at 3:10 PM with the headline "North Miami plans to keep same tax rate for next fiscal year."