11-06-07 Item 2a,'I
South Miami
All- AmeicaChv
CITY OF SOUTH MIAMI 1 I I ®'
OFFICE OF THE CITY MANAGER
INTER - OFFICE MEMORANDUM 2001
To: The Honorable Mayor Feliu and Members of the City Commission
Via: Yvonne S. McKinley, City Man a r
From: Eliza Rassi, Finance Director
Q
Date: October 22, 2007
Subject: Property Tax Relief Update and Estimates — Special Session D
Proposal: The State Legislature is currently considering different property tax relief
proposals that will require constitutional amendments and approval by
Florida voters in January or November of 2008. Therefore, Miami -Dade
County Property Appraisers Office has calculated values based on
information available to them. They have estimated the impact for each
Dade city using the current 2007 rolls and the 2007 millages assessed by
each municipality. The figures below represents only what the loss of
revenues would be if these proposals were to be effective this Fiscal Year.
And in effect are not accurate estimates of the impact of changes.
Statewide there may be between $100 million and $1 billion in variances
on the presumption of correctness.
1.) Doubling homestead property tax exemption $574,787
2.) Total property tax exemption for low- income seniors $ 46,251
3.) Partial exemptions for 1 st time homestead property owners $ 79,735
4.) Portability of Save our Homes differential $18,132
5.) Affordable Housing assessment restrictions N/A
6.) $25,000 Tangible Personal Property exemption $ 76,150
7.) Millage rate restrictions for 08 -09 will prevent rate increases N/A
In order to offset reductions in tax rolls that result form the
additional exemptions.
Impact: $795,055.00
Backup Documentation:
❑ Property Tax Reform Bill and SJP
Ll Miami Dade County Memorandum — George Burgess
❑ Estimated Fiscal Impact — County Wide
N
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Date: October .15, 2007
To: Honorable Mayor Carlos Alvarez
Honorable Chairman Bruno.A. Barreiro
and Members, my Commissioners
From: George M. Burgess
County Manager
Subject: Legislative Special Session D — Property Tax Relief
This week, the State Legislature will be considering property tax relief proposals as described below.
Changes proposed include doubling t home ad property tax-_exemptio�a, total aexemption frpm
property taxes for low income . sen�ors,A portability of #he_. Save- C)urHomes differential, partial
exemptions .for first-time homestead propertyo�nrners. a $25,000 Tangible Pers[71J L'ucze�y
exem tion,changes to the presumption of correctness governing assessments, creating affordable
and workforce housing assessment incentives, and creating tax protection for working waterfronts.
These reforms require constitutional amendments which will have to be approved by the voters of
Florida at an upcoming election, in either January or November 2008.
We have been able to calculate the estimated impact of various property tax exemptions proposed,
but do not have accurate estimates of the impact cf the changes to the presumption of correctness
nor do we have estimated impacts of the affordable and workforce housing and working waterfronts
assessment changes. Statewide estimates on the presumption of correctness amendments vary
from $100 million to more than $1 billion.
,The total fiscal impact to the County's four taxing jurisdictions is estimated to be $122 million. In
addition, impact to the municipalities of Miami -Dade County is estimated at $78 million. Even with
these estimates, in some cases assumptions have been made to calculate the estimated fiscal
impact. As an example, when calculating the impact of an exemption for first time homestead
.property owners, there is uncertainty as to the actual number of homes that are sold to first time
buyers in any given year. These fiscal impacts are in addition to the established millage restrictions
imposed by the State in June 2007. Language is included in the proposed legislation to restrict local
governments from increasing millage rates to make: up for reductions in the property tax rolls. It is
important to stress that this estimated revenue loss of $122 million is in addition to any revenue loss
due to millage and revenue growth limitations placed in statute in 2007.
The legislation being considered exempts school districts from these impacts, requiring a separate
property tax roll to be maintained for purposes of applying assessments for school taxes. While we
do not know the methodology which will be used to develop the tax notices for property owners, this
may prove to be .confusing. As well, expected tax reductions will be on only that portion of the
property tax bill applicable to cities, counties and special districts. Depending upon the millage rate
for the municipality in which the property is located, school taxes make up as such as 40 percent of
the total property tax bill, in some cases even more.
E
Honorable'; Mayor Carlos Alvarez
Honorable Chairman Bruno A. Barreiro
and Members, Board of County Commissioners
Legislative Special Session D — Property Tax Relief
Page 2 of 2
Attached for your information are a summary of the Senate Joint Resolution and Property Tax
Reform Bill and detailed fiscal impact reports of the provisions for which estimates can be produced.
If you have any questions, please feel free to contact me, Jess McCarty, Assistant County Attorney,
or Jennifer Glazer -Moon, Director, Office of Strategic Business Management.
Attachments
c: Robert Cuevas, County Attorney
Denis Morales, Chief of Staff, Office of the Mayor
Assistant County Managers
- Department Directors
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