HomeMy Public PortalAboutLTC 085-2023 June 2023 Assessment Roll EstimateOFFICE OF THE VILLAGE MANAGER LETTER TO COUNCIL
To:
From:
Date:
Subject:
NO. 085-2023
Mayor Jeffrey P. Freimark and Members of the Village Council
Jorge M. Gonzalez, Village Manager
June 1, 2023
2023 June Assessment Roll Estimate
The purpose of this Letter to Council (LTC) is to transmit to you a copy of the Assessment Roll
Estimate provided by the Miami-Dade County Property Appraiser.
On June 1 of each year, the Miami-Dade County Property Appraiser provides an estimate of
the current year’s Assessment Roll Values, with official certification to follow on July 1. Existing
property tax values increased $425,798,124 or 8.1% from the 2022 July 1 Estimated Taxable
Value of $5,774,201,876 to the June 1 2023 Estimated Taxable Value of $6,200,000,000.
Applying the estimated increase to our General Fund Property Tax values at the current millage
rate, would result in an increase of $795,020 in tax revenues, at 95% as required for budget
purposes by the State of Florida of tax revenue Village-wide. The overall property tax value
increase results from property sales and new construction that occurred during Calendar 2022.
This increase is timely due to funds needed to offset increased costs due to inflation for
insurance and labor; as well as continuing investment in our capital projects.
In late June, we anticipate receipt of revenue estimates from the State of Florida Department
of Revenue for Franchise Fees, Utility Taxes, State Revenue Sharing, Sales Tax, and
Communication Service Taxes, this information will present a more complete picture of the
estimated revenues for the coming Fiscal Year, which will continue the current focus on moving
the Village forward with respect to service delivery, technology, and infrastructure
improvements.
The millage rate determines the ad valorem revenue for the General Fund which funds a
myriad of general governmental services. Every element of the Bal Harbour Experience is
funded in part through General Fund resources and therefore are supported by the General
Fund Property Taxes.
Should you have any questions or need any additional information, please contact me.
Attachment: 2023 Assessment Roll Estimate, Miami-Dade County Property Appraiser
JMG/CD