The City of Miami Springs City Council will have a special meeting on Monday, July 29, to declare the proposed millage rate for the 2019 – 2020 fiscal year. City management is proposing a millage rate cap of 7.50. That would be a 2% increase over the current millage rate of 7.35. (That increase does not reflect any increases in your property value that would increase your taxes even if the millage rate remains flat.)
The table below includes all the current millage rates for all Miami-Dade County Municipalities. Here are the millage rates for our neighboring cities:
- Miami Springs: 7.35
- Hialeah: 6.3018
- Virginia Gardens: 5.10
- Medley: 6.30
- Doral: 1.90
- Miami: 7.5865
- Coral Gables: 5.590
According to the City, “The administration recommends setting the millage cap at 7.50 in order to make budget decisions during our upcoming workshops. At a cap of 7.50 the surplus would be $276,385. Last year the cap rat was set at 7.3575. At a cap rate of 7.50 Council could consider adding some or all of the items on the…wish list for FY19-20.”
WHAT’S A RATE CAP?
The tax rate cap is not the final rate, but it creates a ceiling for the highest amount that taxes could be next year. For example, the City Council may decide to make that millage cap the same as last year. That would guarantee that the rate would at least stay flat with the possibility of being lowered. In other words, the final rate can be equal to or less than the tax rate cap, but it can’t go higher than the cap.
Nevertheless, some residents would probably feel more comfortable with a tax rate cap set at the current rate ensuring that the rate would not go up for next year.
There will be a special meeting on Monday, July 29th at 5pm. View the complete agenda packet PDF at: