Miami-Dade Lowers Property Tax Rate

by Isaac Benmergui, Esq on July 30, 2012

Miami-Dade commissioners agreed to lower the property tax rate for the next fiscal year, after a proposal by Mayor Carlos Gimenez. The decrease will be a 2 percent reduction overall. Mayor Gimenez proposed a $9.55 rate for every $1,000 of taxable property.

The reduction comes as assessed property values appear to be on the rise in Miami-Dade County, but not every property has been reassessed at a new market value. Many Miami homeowners are still underwater with their mortgages and facing foreclosure. Homeowners whose property values have increased more than 2 percent will see a small increase in their county tax assessment.

Under state law, even though the county will lower its property tax rate, the county will still have to report a notice of “tax increase.” This is due to the county actually receiving more total tax revenues with higher property values.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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