The Miami Springs City Council has to set the maximum tax rate for the upcoming tax year and budget. The rate is not yet finalized. The rate can go lower after all the budget meetings. However, the rate cannot go higher than this cap rate.
The cap rate was set at 6.9900. Our current tax rate is 6.9100. That would be a 1% increase in the millage or tax rate. However, we must stress that this is NOT the final tax rate. This gives the city “some room to breathe” as they work on finalizing the upcoming budget.
All five members of the City Council unanimously voted in favor of the cap rate of 6.9900. You can watch the discussion and the vote in the video below:
