The village of Palmetto Bay plans to keep its property tax rate unchanged for the upcoming fiscal year, which would lead to a small increase in the typical bill for taxpayers.
The village council voted July 13 to set a tentative tax rate of $2.45 per $1,000 of assessed property value, the same rate as last year.
Impact on taxpayers
Under the proposed rate, the owner of a typical home valued at about $281,000 (taken from the median assessed value from the Miami-Dade property appraiser) would pay about $571 in property taxes.
This marks about a $5 increase from last year, assuming two things: that the owner qualified for the standard homestead exemption and the home’s assessed value increased by 0.8 percent, which is the maximum allowed by law this year for owner-occupied homes.
That rate will likely not increase as the budget season goes on, but it can be reduced before the council approves the final rate in September.
Impact on services
According to a list of service enhancements discussed by village council members, city officials hope to invest more in services in public parks, expand activities at Thalatta Estate park, purchase speed trailers and speed flashers for police and reviving the police department’s bike patrol unit.
What the mayor says
“Keeping the same rate allows us to keep our services the same. We’re tightening things up around here. We can take the same money as last year and stretch it even more.” — Mayor Eugene Flinn.
▪ When: 7 p.m. Sept. 8 and Sept. 21.
▪ Where: 9705 E. Hibiscus St.
Check your mailbox
Homeowners will receive a letter called a “TRIM notice” in August giving them their proposed tax rate and hearing dates. The letter will also include proposed tax rates for the county, school board and other local agencies.