Each summer, the Miami Springs City Council has a Millage Rate meeting where the City sets the maximum tax rate for the upcoming fiscal year.
Last year, the City Council voted to lower the millage rate from 6.9100 to 6.8600. That’s where the millage rate stands today: 6.8600.
To be clear, this is the initial millage rate cap meeting. In other words, the rate set at this meeting is the highest possible rate, but not the final rate. It’s not unusual for this initial cap rate to be set higher, only to have the final rate come in lower. However, the final rate cannot be set higher than this initial cap rate.
We’ll keep you posted as to the result this Thursday. Stay tuned.
