- In her proposed budget for the 2023-24 Fiscal Year, Miami-Dade County Mayor Daniella Levine Cava floated a 1 percent property tax cut, which would save county residents more than $36 million.
- Property taxes make up 37 percent of the operating budget estimation, amounting to $2.7 billion.
- Miami-Dade County currently collects $462 for every $100,000 of a property’s taxable value.
- In total, the proposed budget totals $11.6 billion.
Miami-Dade County Mayor Daniella Levine Cava presented her proposed county budget for the upcoming fiscal year of 2023-2024 this week, which features a 1 percent property tax cut.
The levied tax cut, as part of the $11.6 billion budget, would provide upwards of $36 million in savings for county residents. If approved, the reduction would mark the second consecutive year of tax rate decreases.
“The proposed 1 percent property tax cut will provide immediate relief to residents, while also ensuring our county can continue to provide essential services,” said Levine Cava following the presentation of the proposal.
According to a county-provided financial breakdown, property taxes will account for 37 percent of the operating budget, or $2.7 billion. As a result of rising property values in South Florida, the projected contributions generated via property taxes will exceed that of the year prior, which brought in $2.4 billion, equating to 36 percent of Miami-Dade’s budget.
The county currently collects $462 for every $100,000 of a property’s taxable value and has one of the highest median property taxes in the United States, ranked 210th of the 3143 counties nationwide.
Market data from Jacksonville-based Black Knight, a real estate data analytics company, shows that Miami is one of the top cities in the nation in terms of annual growth of home prices at 20.1 percent over last year. The metro area was also deemed to be the 6th least affordable real estate market in the country, which is calculated by comparing monthly mortgage payments with monthly household income. On average, a home mortgage in Miami consumes approximately 51 percent of household income.
In total, the budget highlights several additional areas of focus, including investments in affordable housing, public safety programs, environmental protection, and local infrastructure. Adding to preexisting municipal efforts, the proposal grants allocated funding to improve the county’s transit systems, including the Better Bus Network, completing the South Corridor of the SMART Plan, and making upgrades to the MetroRail and MetroMover systems.
Support for small businesses is also included in the budget, with funding given to Community Development Block grants to encourage economic development, minority-owned small business grants to support local entrepreneurs, and the completion of a procurement disparity study to promote equal opportunities for small and local businesses.
“With this year’s budget, we’re creating a more future-ready Miami-Dade – building for today and investing in tomorrow,” said Levine Cava. “As we continue offering much-needed relief to many residents, we’re also building the foundation for future prosperity and growth. We have proposed a budget that is smart, compassionate, and puts people first. It builds on last year’s historic tax cut while continuing to make key investments in our community’s core priorities.”