At Thursday’s Miami Springs City Council Meeting, the City Manager proposed a Millage Cap Rate of 6.8600.
What is a Millage Cap Rate?
The Millage Cap Rate is the initial rate set at the beginning of the City’s annual Financial and Budgeting Process. This is NOT the final rate. But as the name implies, this is a cap. In other words, this is the highest the millage rate can be for the upcoming fiscal year. The rate can drop lower, but cannot go higher than this millage rate.
Great job by City Manager & Finance Director
The City Manager and the Finance Director deserve applause as they provided the City Council the easy option of setting the Millage Cap Rate at the existing tax rate of 6.8600. That means the tax rate will NOT go up next year. There’s still a possibility of the tax rate dropping even lower. But at minimum, residents can have faith that the tax rate will not go up.
That doesn’t mean that you won’t pay more next year.
While the tax rate may stay the same or even come down a little bit, you may still pay more in property taxes as property values continue to rise. For example, if the tax rate stays the same at 6.8600, but your property value increased by 5%, then you may be paying 5% more in property taxes.
How did your Council vote?
Based on the recommendation by the City Manager, the City Council unanimously voted in favor of setting the millage cap rate at 6.8600 or the same as the existing tax rate.
The final millage rate will be set later this year during the budgeting process.
