On Monday the City of Miami Springs City Council will meet to set the Tax Rate. Our current tax rate is at 7.3300. The City Council has already voted on a preliminary tax rate of 7.2760. As you can see, that’s slightly lower than our current tax rate of 7.3300.
At this point, the City Council cannot go higher than the 7.2760, but is allowed to go lower. We’ll find out Monday what the final tax rate will be.
Regardless, we’re happy to see that this Council will be reducing the tax rate for Miami Springs residents. NOTE: A lower tax rate does not necessarily mean you will be paying less in taxes. Our home values have risen dramatically and thus a lower rate on a higher value may still likely mean a higher tax bill.
Nevertheless, we like the direction of this City Council and applaud them on lowering our tax rate. Hopefully, they’ll find room Monday to lower it further.
Now, to put things in context, I always like to let readers compare the Miami Springs Tax Rate to the Tax Rate of other Miami-Dade Municipalities. Below you’ll find the current tax rates in Miami-Dade County and the proposed tax rate for Miami Springs highlighted in yellow:
As you can see, Miami Springs does not have the highest tax rate in the County. That distinction goes to the City of Opa-Locka with a 9.8000 tax rate. (We won’t get into the history of malfeasance that has occurred in Opa-Locka over the years.)
However, Miami Springs does have one of the higher tax rates, even with the lower 7.2760 rate. For example, our neighbors to the north, Hialeah, has a tax rate of 6.3018. Our immediate neighbor to the west, Medley, has a tax rate of 4.8000. Our closest neighbor, Virginia Gardens, has a tax rate of 5.0000. Our westerly friends in Doral have a tax rate of just 1.9000.
We’ll report back early next week with what the final tax rate will be.