Alfredo Riverol, CPA, CRFAC, CGFM, CGMA, Chief Financial Officer. Tentative Millage Rate for FY

Transcription

1 THE CTY OF Pl.EASANT LVNG CTY OF SOUTH MAM OFFCE OF THE CTY MANAGER NTER-OFFCE MEMORANDUM To: From: Copy: Date: Subject: Request: The Honorable Mayor & Members of the City Commission Steven Alexander, City Manager Alfredo Riverol, CPA, CRFAC, CGFM, CGMA, Chief Financial Officer July 18, 2017 Tentative Millage Rate for FY Agenda tem: a A Resolution of the City of South Miami, Florida, relating to the City's 2017/2018 fiscal year budget; advising the Miami-Dade County Property Appraiser of its proposed millage rate of mills; its rolled-back rate of mills and announcing the dates of public hearing to consider the proposed millage rate and tentative budget. BACKGROUND & ANALYSS The procedures and timetables for establishing the taxation rate and the creation of the Budget are governed by the State of Florida. These rules are generally referred to as TRM (Truth-in-Millage). This memo addresses the establishment of the maximum millage rate, rollback millage rate, and scheduling formal budget public hearings as required by the TRM law. The Miami-Dade County Property Appraiser certified the Taxable Value within the City of South Miami at $1,793,210,812. This valuation represents a 6.0% increase from the FY level of $1,692,410,228. Maximum Millage Rate A primary source of revenue for municipal government is the property ad valorem tax, which is representative of the property taxes applied to commercial and residential real property and commercial personal property. The Miami Dade Property Appraiser sets the assessable taxable property valuation, based on many factors including State Law such as Homestead exemptions not the City of South Miami, and is based on the property valuation calculated and transmitted by the Property Appraiser. The 'rate at which property is taxed is referred to as the millage rate. The tax rate, or millage rate, is ~et by the City of South Miami. The amount of taxes paid by a property owner is determined by multiplying the millage rate, times each $1,000 of assessable property taxable value. Page lof7

2 Local jurisdictions, including municipalities, are required, to establish and publish a maximum millage rate during the budget process as required by Florida Statute which requires that within 35 days of receiving the Certificate of Value, (Certification of Value was made on June 30, 2017) each taxing authority shall advise the property appraiser of its proposed millage rate, its rolled-back rate computed pursuant to subsection () and of the date, time and place when a public hearing will be held to consider the proposed millage rate and tentative budget. This rate will be advertised by the City and also reported to the Miami-Dade Property Appraiser. The City Commission can decrease the rate during the budget process. but it cannot be increased after the above date except under extraordinary circumstances at significant expense to the City. At this point in the budget process the City is simply establishing a maximum millage rate for budget flexibility and advertising purposes. Therefore, the Mayor and Commission may elect to consider establishing a higher maximum millage rate, for instance, , which would generate additional estimated ad valorem revenue of $308,337, above the existing millage rate. For every change of one-tenth of the millage rate, the ad valorem revenue generated is increased or decreased by an estimated $154,168. As per Miami-Dade County's 2017 preliminary average taxable homestead residential value report, the average taxable homestead residential value for South Miami is $226,443 Under the hypothetical millage rate example of , using the Miami-Dade County's average taxable value, the average homesteaded residential taxpayer would incur an additional $ annually, which equals.30 cents a day, on their 2017 annual tax bill when compared to their 2016 annual tax bill. Therefore, at the hypothetical millage rate example of , each increase of $154,168 to City revenues only costs the average homeowner.30 cents a day. TAXNG AGENCY City of South Miami FY 2017 MLLAGE FY 2018 MLLAGE As per the Miami-Dade County Preliminary Average Residential Values FY 2017 FY 2018 Average Homestead Residential Taxable Amount $211,259 $226,443 Average Homestead Residential Tax Due FY 2017 $908 FY 2018 Oiff $1,019 $ Page 2 of 7

3 Adopting the current FY 2017 millage rate of as the FY 2018 millage rate would provide the City an estimated Ad Valorem revenue increase of $359,978, based on the increase in taxable value of property in the City. During the FY 2018 budget process, newly recommended budget items such as much needed parks improvements will require additional funds over last year's budget and the Mayor and Commission may request special projects, new funding for educational alliances, purchase and or refurbish parks and other publicly owned properties and facilities, set new policies, and/or adopt newly negotiated labor agreements, which the additional estimated revenue will assist in funding. As mentioned above, the initial maximum millage rate being set by the attached Resolution can be decreased by the Commission later during the budget process. Rolled-back Millage Rate Cities are also required by State Law to calculate what is known as the "Rolled-pack Millage Rate." This is the calculated tax rate at which the City would receive the same ad valorem revenue as in the previous year, excluding current year new taxable values (New Construction, additions, etc.). The rolled-back millage rate for the City of South Miami is The City's current millage rate of represents a 6.78% increase over the rolled-back rate. f the City were to adopt the rolled-back rate of , the City's estimated Ad Valorem revenue would decrease by an estimated $420,726 when compared to the City's proposed FY 2018 Ad Valorem revenue estimate. For the current year, the average Consumer Price ndex (CP) was 1.8%, hence when taken into account with the CP from last year of 1.8% the effective decrease in revenues is approximately $119,555 ($6,641,944 x 1.8%) which jumps the City to a total decrease of $540,281 ($420,726+$119,555). Page 3 of 7

4 Please find the Millage Calculation table below. MLLAGE CALCULATON COMPARSON (PROPOSED) MLLAGE RATE % REAL PROPERTY TAXABLE VALUE 1,624,995,959 1,727,378, % PERSONAL PROPERTY TAXABLE VALUE 67,414,269 65,832, % TOTAL TAXABLE VALUE (REAL AND PERSONAL PROPERTY),692,41 0,228 1,793,210, % AD VALOREM REVENUE 7,277,364 7,710, ,443 95% OF TAXABLE VALUE (TO ALLOW FOR DELETONS & DELNQUENCES) 6,913,496 7,325,266 $411,770 DEDCATED TAX NCREMENT AMOUNT -631, ,322 51,792 MLLAGE CALCULATON (ROLLED-BACK) ====~~ ~====~~~====~ MLLAGE RATE % REAL PROPERTY TAXABLE VALUE 1,624,995,959 1,727,378, % PERSONAL PROPERTY TAXABLE VALUE 67,414,269 65,832, % TOTAL TAXABLE VALUE (REAL AND PERSONAL PROPERTY) 1,692,410,228 1,793,210, % AD VALOREM REVENUE 7,277,364 7,221,439-55,925 95% OF TAXABLE VALUE (TO ALLOW FOR DELETONS & DELNQUENCES) 6,913,496 6,860,367-53,128 DEDCATED TAX NCREMENT AMOUNT -631, ,149 7,619 DFFERENCE -420,726 Page 4 of 7

5 Below please find a detail breakdown of the City's 2017 taxable values and 2016 taxable values by property type. SNGLE FAMLY 2, ,402,785 2, ,610,489 CONDOMNUM ,974, ,746,617 MULT FAMLY ,833, ,775,31 COMMERCAL ,737, ,307,260 NDUSTRAL 27 10,866, ,692,098 AGRCULTURE 614, ,025 VACANT LAND ,076, ,558,443 NSTTUTONAL 36 10,074, ,995,242 GOVERNMENTAL ,756 OTHER PROPERTES 797, ,788,718 REAL ESTATE PARCELS 4,718 1,727,378,539 4,701 1,624,995,959 PERS PROP & CENT ASSD 65,832,273 67,414,269 ALL ASSESSED PROPERTY 1,793,210,812 1,692,410,228 This increase is attributable to continued signs of the economy! stabilizing. The City experienced an overall assessed real property value increase of $102,382,580 or 6.30%. This total is the actual assessed taxable value for Tangible Personal Property (TPP) consists of all property that is not real estate (land, buildings and improvements). t includes furniture, fixtures, tools, computer equipment, machinery, office equipment, supplies, leasehold improvements, leased equipment, signage, and any other equipment used in a business. Furniture and fixtures used in a rental unit (condo, apt, house) are also taxable in this category. Tangible Personal Property assessed values decreased by $1,581,996 or 2.35% when comparing the assessed value of FY and FY The increase in property valuations specifically from construction within the current 2017 year is $9,172,225, which represents a decrease from the previous year of $10,048,225 or 52.28%. RECOMMENDATON The Administration is proposing a millage rate of mills for FY , which is equivalent to the City's FY existing millage rate. When the increase in ad valorem revenues is considered in conjunction with the loss in revenues from the Tangible Personal Property proceeds and the increase in inflation or CP, the net increase in revenues to the City as projected at the current and proposed millage rate is $240,423 ($359,978-$119,555). Additionally, the possible Page Sof7

6 continuation of revenue slippage from the Communications tax (land telephone lines) will add to the reduction in revenues projected for this year. Therefore, we believe maintaining the current millage rate is very conservative. This millage rate continuation will allow the City to proceed with regular necessary services, operations and on-going projects without an increase in tax rate. Whatever rate the Commission sets at this time will be the highest possible rate for this coming fiscal year. The Commission will be able to re-consider the rate during the FY 18 budget hearings in September of 2017 only for rates lower than what is set tonight by the attached Resolution. Page 6 of 7

7 Budget Hearing Schedule The City is required to hold two formal Budget Public Hearings. There are guidelines on when these hearings must be held. Additionally, a local municipality cannot hold a budget hearing on the same date as either the County or the School Board budget hearings. There are also special advertising requirements for these hearings. t is recommended that the Budget Workshop be scheduled as follows: Budget Worl<shop Monday, August 14, :00 AM City of South Miami City Hall Commission Chambers 6130 Sunset Drive South Miami, FL Additionally, the required budget hearings are proposed for the following dates: First Budget Hearing Wednesday September 13, :00 PM Second Budget Hearing Wednesday, September 20, :00 PM City of South Miami City Hall Commission Chambers 6130 Sunset Drive South Miami, FL City of South Miami City Hall Commission Chambers 6130 Sunset Drive South Miami, FL NOTE: Pertinent meetings scheduled as ofthis date include: Miami-Dade County Budget Hearings: :01 pm & :01 pm and Miami-Dade County School Board Budget Hearings: pm & pm Attachments - Proposed Resolution - DR-420, 420TF, & 420MM-P (DRAFTS) Tax Roll by Property Type Year-to-Year-Comparison Preliminary Tax Roll by Taxing Authority Preliminary Senior Exemption - Miami-Dade County Preliminary Average Taxable Homestead Residential Value Page 7 of 7

8 1 RESOLUTON NUMBER: 2 A Resolution of the City of South Miami, Florida, relating to the City's /2018 fiscal year budget; advising the Miami-Dade County Property 4 Appraiser of its proposed millage rate of mills; its rolled-back rate of mills, and announcing the dates of public hearing to consider the 6 proposed millage rate and tentative budget. 7 WHEREAS, Florida Statute requires that within 35 days of receiving 8 the Certificate of Value, each taxing authority shall advise the property appraiser of its 9 proposed millage rate, its rolled-back rate computed pursuant to sub-section () and of 10 the date, time and place when a public hearing will be held to consider the proposed 11 millage rate and tentative budget; and 12 WHEREAS, the Certification of Value was made on June 30, 2017; and 13 WHEREAS, the City's Administration computed the proposed millage rate 14 and the rolled-back rate; and 15 WHEREAS, the Mayor and City Commission wish to comply with the 16 aforesaid Statute. 17 NOW, THEREFORE, BE T RESOLVED BY THE MAYOR AND 18 CTY COMMSSON OF TH,E CTY OF SOUTH MAM, FLORDA THAT: 19 Section. The City Administration shall advise the property appraiser that 20 the proposed millage rate of the City of South Miami, Florida for the 2017/2018 fiscal 21 year budget is mills which is a 6.78% increase over the rolled back rate and that 22 the rolled-back rate computed pursuant to sub-section () of Florida Statute is mills. 24 Section 2. The date, time, and place of the first and second public budget 25 hearings shall be held to consider the proposed millage rate and budget are as follows: 26 First Budget Hearing, September 13, 2017 at 7:00 p.m., in the City Commission 27 Chambers, 6130 Sunset Drive, South Miami, Florida.. 28 Second Budget Hearing, September 20, 2017 at 7:00 p.m., in the City 29 Commission Chambers, 6130 Sunset Drive, South Miami, Florida. 30 Section 3. Severability. f any section clause, sentence, or phrase of this 31 resolution is for any reason held invalid or unconstitutional by a court of competent 32 jurisdiction, the holding shall not affect the validity of the remaining portions of this 33 resolution Section 4. Effective Date. This resolution shall become effective 36 immediately upon adoption by vote of the City Commission. 37 Page of 2

9 38 PASSED AND ADOPTED this day of, ATTEST: APPROVED: CTY CLERK MAYOR READ AND APPROVED AS TO FORM, COMMSSON VOTE: 48 LANGUAGE, LEGALTY AND Mayor Stoddard: 49 EXECUTON THEREOF Vice Mayor Welsh: 50 Commissioner Edmond: 51 Commissioner Harris: 52 CTY ATTORNEY Commissioner Liebman: Page 2 of 2

10 MAM-DADE COUNTY PROPERTY APPRASER 2017 ASSESSMENT ROLL CHANGE BY PROPERTY TYPE JULY 1, City of South Miami Preliminary Assessment Roll Values and 2016 Comparison 2o.ll -2o.~6~NARY_VALU S 2017~lMJ.NP.RY.-VALU S TAXABLE PROPERTY TYPE COUNT JUST VALUE TAXABLE VALUE JUST VALUE TAXABLE VALUE VALUE DFF PCT NEW CONS SNGLE FAMLY 2,849 1,288,819, ,610,489 1,403,098, ,402,785 61,792, % 10,045,942 CONDOMNUM ,702, ,746, ,777, ,974,035 4,227, % 0 MULT FAMLY ,206, ,775, ,363, ,833,436 15,058, % 2,933 COMMERCAL ,570, ,307, ,427, ,737,867 17,430, % 11,359 NDUSTRAL 27 12,687,768 10,692,098 12,984,080 10,866, , % 0 AGRCULTURE 1 1,214, ,025 1,433, ,356 14, % 0 VACANT LAND ,451,208 49,558,443 69,608,990 55,076,842 5,518, % -888,009 NSTTUTONAL ,659,717. 9,995, ,642,651 10,074,759 79, % 0 GOVERNMENTAL ,169, , ,061, , % 0 OTHER PROPERTES 11 3,182,914 1,788,718 1,990, , , % 0 0 REAL ESTATE PARCELS 4,718 2,493,663,631 1,624,995,959 2,642,387,80.1 1,727,378, ,382, % 9,172,225 PERS PROP & CENT ASSD 117,581,245 67,414, ,788,173 65,832,273-1,581, % 0 ALL ASSESSED PROPERTY 2,611,244,876 1,692,410.,228 2,760.,175,974 1,793,210., ,80.0., % 9,172,225

11 MAM-DADE COUNTY PROPERTY APPRASER 2017 AND 2016 PRELMNARY ROLL COMPARS/ON ~." JULY 1, PRELMNARY ASSESSMENT ROLL VALUES 2016 PRELMNARY ASSESSMENT ROLL VALUES PERS PROP GROSS PERS PROP GROSS CHANGE N TAXNG AUTHORTY REAL PROPERTY & CENT ASSD TAXABLE REAL PROPERTY & CENT ASSD TAXABLE GROSS TAXABLE PCT CTY OF MAM 47,453,223,089 2,168,086,910 49,621,309,999 42,460,638,698 2,141,666,844 44,602,305,542 5,019,004, % DOWNTOWN DEV AUTHORTY 17,794,480, ,195,429 18,781,633,588 15,674,018,974 1,007,727,770 16,681,746,744 2,099,886, % CTY OF MAM BEACH 36,738,493, ,568,609 37,397,062,490 34,023,340, ,416,552 34,697,757,108 2,699,305, % NORMANDY SHORES 198,157,631 4, ,161, ,036,741 23, ,059,811 22,101, % -- CTY OF CORAL GABLES 1_4,~~ ,~637 ~ 172,014,090 14,091,791, ,~793 ~~ng, &1: % CTY OF HALEAH 8,928,454, ,251,782 9,500,349,638 7,973,545, ,103,825 8,533,649, ,699, % CTY OF MAM SPRNGS 1,036,258,340 85,375,813 1,121,725, ,845,220 66,910,916 1,050,756,136 70,969, % CTY OF NORTH MAM 2,731,911, ,905,491 2,839,843,057 2,499,306, ,128,498 2,603,435, ,407, % CTY OF NORTH MAM BEACH 2,413,846, ,212,572 2,535,675,965 2,216,751, ,168,222 2,330,919, ,756, % CTY OF OPA-LOCKA 696,558, ,338, ,622, ,599, ,930, ,530,607 52,091, % CTY OF SOUTH MAM 1,727,378,539 65,832,273 1,793,210,812 1,624,995,959 67,414,269 1,692,410, ,800, % CTY OF HOMESTEAD 2,499,843, ,153,454 2,608,632,678 2,214,266, ,246,733 2,316,513, ,119, % MAM SHORES VLLAGE 1,030;605,970 19,731,712 1,052,123, ,506,766 21,289, ,796,046 77,327, % BAL HARBOUR VLLAGE 5,242,702,989 71,503,521 5,314,206,510 4,359,102,006 74,629,553 4,433,731, ,474, % TOWN OF BAY HARBOR SLANDS 1,018,874,072 12,713,670 1,031,587, ,025,758 12,085, ,111, ,476, % TOWN OF SURFSDE 2,124,593,954 25,864,538 2,150,458,492 1,667,936,911 21,502,427 1,689,439, ,019, % CTY OF WEST MAM 456,785,383 18,523, ,308, ,760,924 13,388, ,149, ,159, % CTY OF FLORDA CTY 427,748,316 38,991, ,739, ,452,818 42,036, ,489,467 6,249, % VLLAGE OF BSCAYNE PARK 192,117,606 3,072, ,190, ,959,686 2,934, ,894,419 18,295, % VLLAGE OF EL PORTAL 144,646,207 2,334, ,250, ,275,137 2,555, ,830,872 17,420, % TOWN OF GOLDEN BEACH 1,033,758,863 1,504,558 1,035,263, ,123,889 1,440, ,564,565 82,698, % VLLAGE OF PNECREST 4,550,031,863 45,295,995 4,595,327,858 4,336,413,371 44,457,478 4,380,870, ,457, % VLLAGE OF NDAN CREEK 567,609,072 2,772, ,381, ,631,449 2,355, ,987,077 22,394, % TOWN OF MEDLEY 1,817,750, ,602,520 2,093,417,657 1,722,353, ,753,035 1,986,106, ,310, % NORTH BAY VLLAGE 1,014,979,408 22,260,645 1,037,240, ,606,975 19,100, ,707,508 77,532, % VLLAGE OF KEY BSCAYNE 8,607,702,771 39,067,113 8,646,769,884 8,301,046,460 38,238,417 8,339,284, ,485, % CTY OF SWEETWATER 1,531,852, ,525,075 1,664,458,925 1,426,972, ,701,569 1,557,673, ,785, % VLLAGE OF VRGNA GARDENS 167,255,640 94,656, ,912, ,643;620 85,421, ,065,483 18,846, % CTY OF HALEAH GARDENS 1,091,477,018 73,890,324 1,165,367,342 1,016,202,244 75,220,837 1,091,423,081 73,944, % CTY OF AVENTURA 9,875,262, ,258,472 10,098,997,863 9,684,956, ,738,181 9,901,694, ,303, % CTY OF SUNNY SLES BEACH 11,031,585,535 66,307,764 11,097,893,299 10,052,213,804 59,215,091 10,111,428, ,464, % TOWN OF MAM LAKES 2,856,633, ,699,265 3,017,332,354 2,641,474, ,127,973 2,809,602, ,730, % VLLAGE OF PALMETTO BAY 2,747,315,915 61,682,645 2,808,998,560 2,595,484,645 64,232,714 2,659,717, ,281, % CTY OF MAM GARDENS 3,838,375, ,351,942 4,206,824,771 3,473,585, ,917,093 3,840,502, ,321, % CTY OF DORAL 11,367,985, ,319,409 12,080,554,247 10,435,319, ,633,040 11,134,952, ,601, % TOWN OF CUTLER BAY 2,302,905,010 68,285,604 2,371,190,614 2,168,759,157 66,079,129 2,234,838, ,352, % COUNTY OPERATNG 258,925,831,149 13,404,316, ,431,699, ,094,420,032 13,242,591, ,337,011,475 21,094,687, % MUNCPAL SERVCE AREA 65,049,636,349 6,557,833,803 71,679,964,217 60,102,565,525 6,510,904,229 66,613,469,754 5,066,494, % FRE & RESCUE 142,562,605,774 9,652,639, ,301,861, ,340,968,487 9,530,825, ,871,793,499 11,430,068, % LBRARY 236,672,095,236 12,496,847, ,257,422, ,530,407,766 12,346,769, ,877,177,404 18,380,244, % SO FL WATER MGMT DST 261,169,690,689 13,404,316, ,675,558, ,094,561,275 13,242,591, ,337,152,718 21,338,406, % EVERGLADES CONSTR PROJECT 261,169,690,689 13,404,316, ,675,558, ,094,561,275 13,242,591, ,337,152,718 21,338,406, % OKEECHOBEE BASN 261,169,690,689 13,404,316, ,675,558, ,094,561,275 13,242,591, ,337,152,718 21,338,406, % FL NLAND NAVGATON DST 261,169,690,689 13,404,316, ,675,558, ,094,561,275 13,242,591, ,337,152,718 21,338,406, % CHLDREN'S TRUST 261,169,690,689 13,404,316, ,675,558, ,094,561,275 13,242,591, ,337,152;718 21,338,406, % BOARD OF PUBLC NSTRUCTON 291,619,889,665 13,404,316, ,125,757, ,603,333,483 13,242,591, ,845,924,926 20,279,832, % ',

12 MAM DADE COUNTY PROPERTY APPRASER 2017 Preliminary Taxable 2017 by Taxing Authority 4.6% 8.7% NORTH MAM NORTH MAM BEACH SOUTH MAM 10 HOMESTEAD 11 MAM SHORES 12 BAL HARBOUR 13 BAY HARBOR SLANDS 14 SURFSDE 15 WEST MAM 16 FLORDA CTY 17 BSCAYNE PARK 18 EL PORTAL 19 GOLDEN BEACH 20 PNECREST 21 NDAN CREEK 22 MEDLEY 23 N. BAY VLLAGE 24 KEY BSCAYNE 25 SWEETWATER 26 VRGNA GARDENS 27 HALEAH GARDENS 28 AVENTURA 30 UNNCORPORATED 31 SUNNY SLES BEACH 32 MAM LAKES 33 PALMETTO BAY 34 MAM GARDENS 35DORAL 36 CUTLER BAY 2,831,741,678 2,330,919,734 2,524,630, ,530, ,043,187 1,692,410,228 1,784,038,587 2,492,204,263 1,049,426,636 4,503,997,703 1,017,289,365 1,785,136, ,267, ,128, ,858, ,924,439 1,029,801,530 4,550,771, ,290,926 2,077,732, % 1,033,057, % 8,624,757, % 1,635,587, % 261,956, % 1,151,409, ,091,623, % 70,622,874, % 10,299,485, % 3,003,461, % 2,802,817, % 4,067,707, % 11,588,752, % 2,364,732, % COUNTY WDE FRE AND RESCUE LBRARY 264,278,928, % 148,278,752, % 242,518,770, % 8.0% SCHOOL BOARD 296,966,698, % 7.1% S FL WATER MNGT DST 266,516,499, % 8.4% 5.2% 8.4% % 8.4%

13 MAM-DADE COUNTY PROPERTY APPRAS~R 2017 Senior and Long-Term Resident Senior Exemptions JULY 1,2017 SENOR EXEMPTONS LONG-TERM RESDENT SENOR EXEMPTONS Municipality Count Exemption Value Count Exemption Value 01 Miami 6, ,850,612 3,143 72,081, Miami Beach 1,227 49,125, ,445, Coral Gables ,829, ,039, Hialeah 6, ,828,486 3,216 69,039, Miami Springs ,697, North Miami ,802, , North Miami Beach ,029, Opa-ocka 160 3,580, , South Miami 127 5,847, Homestead ,651, , Miami Shores Bal Harbour , Bay Harbor slands 66 2,406, , Surfside 106 5,214, West Miami ,987, Florida City Biscayne Park 33 1,636, E Portal 35 1,527, Golden Beach 1 25, Pinecrest 71 3,287, ndian Creek Medley , , North Bay Village 66 2,338, , Key Biscayne 66 3,200, Sweetwater ,758, Virginia Gardens 47 2,175, , Hialeah Gardens ,047, , Aventura ,384, Unincorporated 19, ,493,834 6, ,631, Sunny sles Beach ,509, Miami Lakes ,934, ,794, Palmetto Bay 159 7,564, , Miami Gardens 1,847 58,811, ,310, Doral ,653, , Cutler Bay ,837, ,915,744 County 43,007 1,708,238,192 15, ,734,217

14 MAM-DADE COUNTY ~~~:~~~~~~~~;:R~GE AND MEDAN HOMESTEAD RESDENTAL VALUES JULY 1,2017 Municipality 01 CTY OF MAM 02 CTY OF MAM BEACH 03 CTY OF CORAL GABLES 04 CTY OF HALEAH 05 CTY OF MAM SPRNGS 06 CTY OF NORTH MAM 07 CTY OF NORTH MAM BEACH 08 CTY OF OPA-LOCKA 09 CTY OF SOUTH MAM 10 CTY OF HOMESTEAD 11 MAM SHORES VLLAGE 12 BAL HARBOUR VLLAGE 13 TOWN OF BAY HARBOR SLANDS 14 TOWN OF SURFSDE 15 CTY OF WEST MAM 16 CTY OF FLORDA CTY 17 VLLAGE OF BSCAYNE PARK 18 VLLAGE OF EL PORTAL 19 TOWN OF GOLDEN BEACH 20 VLLAGE OF PNECREST 21 VLLAGE OF NDAN CREEK 22 TOWN OF MEDLEY 23 CTY OF NORTH BAY VLLAGE 24 VLLAGE OF KEY BSCAYNE, 25 CTY OF SWEETWATER r 26 VLLAGE OF VRGNA GARDEN 27 CTY OF HALEAH GARDENS 28 CTY OF AVENTURA 30 MUNCPAL SERVCE AREA : 31 CTY OF SUNNY SLES BEACH 32 TOWN OF MAM LAKES 33 VLLAGE OF PALMETTO BAY 34 CTY OF MAM GARDENS! 35 CTY OF DORAL 36 TOWN OF CUTLER BAY Average Values Count Just Assessed Taxable 37, , , ,718 13, , , ,617 10,305 1,036, , ,277 31, , ,144 58,830 2, , , ,708 7, , ,558 85,574 6, , ,471 76,868 1, ,805 61,313 23,783 2, , , ,443 7, , ,123 66,395 2, , , , ,714,505 1,011, ,195 1, , , ,687 1, , , ,077 1, , , , ,484 52,525 21, , , , , , , ,684,483 1,941,399 1,890,172 4, , , , ,907,530 10,581,399 10,516, ,996 75,352 32,208 1, , , ,408 2,586 1,575, , ,364 1, , ,636 53, , ,707 93,476 3, , ,217 68,514 8, , , , , , , ,143 3, , , ,840 6, , , ,893 6, , , ,419 18, ,717 96,046 46,751 6, , , ,290 9, , , ,625 Median Values Just Assessed Taxable 243, ,915 80, , , , , , , , ,528 45, , , , ,215 85,741 32, ,810 87,077 34, ,787 56,293 25, , , , , ,342 57, , , ,372 1,369, , , , , , , , , , ,730 90, ,509 45,862 20, , , , , ,350 89,616 2,875,331 1,265,739 1,215, , , ,133 22,685,574 8,637,869 8,587, ,097 64,799 24, , , ,224 1,122, , , ,000 90,673 36, , ,763 84, , ,869 52, , , , , ,133 85, , , , , , , , , , ,983 90,325 37, , , , , ,837 87,261 MAM-DADE COUNTYWDE 407, , , , , ,160 85,341 Other Taxing Authorities BOARD OF PUBLC NSTRUCTlqN SO FLORDA WATER MANAGE~ENT DST FLORDA NLAND NAVGATON DSTRCT THE CHLDRENS' TRUST 407, , , , , , , , , , , , , , , , , , , , , , , , ,596 89,591 89,591 89,591

15 FLORDA CERTFCATON OF TAXABLE VALUE \[", ResetF6rllri \r.'i>rinti=6nn,', J DR-420 R.S/12 Rule 12D Florida Administrative Code Effective 11/12 Year: 2017 Principal Authority: CTY OF SOUTH MAM County: MAM-DADE Taxing Authority: CTY OF SOUTH MAM SECTON : COMPLET,D BY PROPERTY APPRASER 1. Current year taxable va1lue of real property for operating purposes $ 1,727,378,539 (1 ) 2. Current year taxable va1lue of personal property for operating purposes $ 65,832,273 (2) 3. Current year taxable va1lue of centrally assessed property for operating purposes $ 0 (3) 4. Current year gross taxa e value for operating purposes (Line 1 plus Line 2 plus Line 3) $ 1,793,210,812 (4) Current year net new t~xable value (Add new construction, additions, rehabilitative 5. improvements increasipg assessed value by at least 100%, annexations, and tangible $ 9,172,225 (5) personal property value over 115% of the previous year's value. Subtract deletions.) 6. Current year adjusted trxable value (Line 4 minus Line 5) $ 1,784,038,587 (6) 7. Prior year FNAL gross trxable value from prior year applicable Form DR-403 series $ 1,666,093,662 (7) 8. Does the taxing authorty include tax increment financing areas? f yes, enter number [(]YES 0 NO Number of worksheets (DR-420rF) attached. f none, enter 0 1 (8) Does the taxing author~y levy a voted debt service millage or a millage voted for 2 Number 9. years or less under s. 9( ), Article V, State Constitution? f yes, enter the number of DYES [{] NO (9) DR-420DEBT, Certificatipn of Voted Debt Millage forms attached. f none, enter 0 0 SGN HERE Property Apprais~r Certification Signature of Property ippraiser: Electronically Certifie~ by Property Appraiser SECTON : COMPLEtED BY TAXNG AUTHORTY 10. certify the taxable values above are correct to the best of my knowledge. Date: 6/30/20173:19 PM fthis portion of th'e form is not completed in FULL your taxing authority will be denied TRM certification and possibly ~se its millage levy privilege for the tax year. f any line is not applicable, enter -0-. Prior year operating mi~age levy (f prior-year millage was adjusted then use adjusted millage from Form DR-41 2), per $1,000 (10) 11. Prior year ad valorem p:roceeds (Line 7 multiplied by Line 10, divided by 1,000) $ 7,164,203 (11 ) 12. Amount, if any, paid or apblied in prior year as a consequence of an obligation measured by a dedicated increment va,uf (Sum of either Lines 6c or Line 70 for all DR-420TlF forms) $ 631,530 (12) 13. Adjusted prior year ad yalorem proceeds (Line 11 minus Line 12) $ 6,532,673 (13) 14. Dedicated increment valu:e, if any (Sum of either Line 6b or Line 7e for all DR-420TF forms) $ 161,866,322 (14) 15. Adjusted current year trxable value (Line 6 minus Line 14) $ 1,622,172,265 (15) 16. Current year rolled-bac~ rate (Line 13 divided by Line 15, multiplied by 1,000) per$1000 (16) 17. Current year proposed fperating millage rate per $1000 (17) 18. Total taxes to be leviedlat proposed millage rate (Line 17 multiplied by Line 4, divided (18) by 1,000) $ 7,710,806 Continued on page 2

16 19. TYPE of principal a 'f"h,('wllr\l (check one) D County D ndependent Special District [{] Municipality D Water Management District DR-420 R. 5/12 Page2 (19) 20. Applicable taxing [{] Principal Authority D Dependent Special District (20) D MSTU D Water Management District Basin 21. s millage levied in than one county? (check one) DYes [{] No (21) year ad valorem proceeds of the principal authority, all d MSTUs levying a millage. (The sum of Line 73 from all DR-420 $ nt year aggregate rolleq-'na(:k rate (Line 22 divided by Line 75, multiplied by 7,000) 24. Current year aggregate taxes (Line 4 multiplied by Line 23, divided by 7,000) $ Enter total of all ' ad valorem taxes proposed to be levied by the principal 25. taxing authority, all districts, and MSTUs, if any. (The sum of Line 18 from all $ DR-420 forms) 26. Current year proposed ::lrfrlrp,(',::lrp, millage rate (Line 25 divided by Line 4, multiplied 7,000) 27, Currentye~r proposed Line 23, mmus 1 r as a percent change of rolled-back rate (Line 26 divided by by 100) 6,532, per $1,000 7,221,439 7,710, per $1,000 6,78 % (22) (23) (24) (25) (26) (27) First public budget hearing Time: Place: S G N H E R E Taxing,Tn,nor"'" Certification ce ages a rates are correct to my knowledge. The millages comply with the provisions of s and the provisions of either s or s , F.5. Signature of Chief nistrative Officer: Date: Title: STEVEN '-"_1..,,,,,,, Mailing Address: 6130 SUNSET DR City, State, Zip: SOUTH MAM, FL CTY MANAGER Contact Name and Contact Title: ALFREDO RVEROL, CHEF FNANCAL OFFCER Physical Address: 6130 SUNSET DRVE Phone Number: Fax Number: nstructions on page 3

17 CERTFCATON OF TAXABLE VALUE NSTRUCTONS DR-420 R. 5/12 Page 3 "Principal Authority" is a county, junicipality, or independent special district (including water management districts). "Taxing Authority" is the entity levying the millage. This includes the principal authority, any special district dependent to the principal authority, any county murl icipal service taxing unit (MSTU), and water management district basins. Each taxing authority must submit to their property appraiser a DR-420 and the following forms, as applicable: Section : Property Appraiser DR-420TF, Tax ncrement Adjustment Worksheet DR-420DEBT, Certification of Voted Debt Millage DR-420MMlp, Maximum Millage Levy Calculation - Preliminary Disclosure Use this DR-420 form for all taxing authorities except school districts. Complete Section, Line~ 1 through 9, for each county, municipality, independent special ~istrict, dependent special district, MSTU, and multicounty taxing authority. Enter only taxable values that apply to the ta ing authority indicated. Use a separate form for the principal autrority and each dependent district, MSTU and water management district basin. Line 8 Complete a DR-420TF for each faxing authority making payments to a redevelopment tru~t fund under Section (2)(a), Florida Statutes or by an orldinance, resolution or agreement to fund a project or to finance essential infrastructure. Check "Yes" if the taxing authorit~ makes payments to a redevelopment trust fund. Enter t~e number of DR-420TF forms attached for the taxing authority on Line 8. Enter 0 if none. Line 9 Complete a DR-420DEBT for each taxing authority levying either a voted debt service millage (s.12j Article V, State Constitution) or a levy voted for two years or less (s. 9(b), Article V, State Constitution). Check "Yes" if the taxing authoritylllevies either a voted debt service millage or a levy voted for 2 years or less (s. 9(b), Article V, State Constitution). These levies do not include levies approved by a voter referendum nbt required by the State Constitution. Complete and attac~: DR-420DEBT. Do not complete a separate DR-420 for tiese levies. Send a copy to each taxing autho ity and keep a copy. When the 1 taxing authority returns the DR-42*O and the accompanying forms, immediately send the original to: Florida Department of Rev nue Property Tax Oversight - T 1M Section P. O. Box 3000 Tallahassee, Florida 3231,-3000 l Section : Taxing Authority Complete Section. Keep one copy, return the original and one copy to your property appraiser with the applicable DR-420TF, DR-420DEBT, and DR-420MM-P within 35 days of certification. Send one copy to the tax collector. "Dependent special district" (ss (8)(d) and (2), F.S.) means a special district that meets at least one of the following criteria: The membership of its governing body is identical to that of the governing body of a single county or a single municipality. All members of its governing body are appointed by the governing body of a single county or a Single municipality. During their unexpired terms, members of the special district's governing body are subject to removal at will by the governing body of a single county or a single municipality. The district has a budget that requires approval through an affirmative vote or can be vetoed by the governing body of a single county or a Single municipality. "ndependent special district" (ss (8)(e) and (3), F.S.) means a special district that is not a dependent special district as defined above. A district that includes more than one county is an independent special district unless the district lies wholly within the boundaries of a Single municipality. "Non-voted millage" is any millage not defined as a "voted millage" in s (8)(f), F.S. Lines 12 and 14 Adjust the calculation of the rolled-back rate for tax increment values and payment amounts. See the instructions for DR-420TF. On Lines 12 and 14, carry forward values from the DR-420TF forms. Line 24 nclude only those levies derived from millage rates. All TRM forms for taxing authorities are available on our website at /property/trim

18 FLORDA Year: 2017 Principal Authority: CTY OF SOUTH MAM AX NCREMENT ADJUSTMENT WORK$HEET County: Taxing Authority: CTY OF SOUTH MAM MAM-DADE DR-420TF R.6/10 Rule 12D Florida Administrative Code Effective 11/12 Community Redevelopment SOUTH MAM CRA Base Year: 1998 SECTON : COMPLETED BY APPRASER 1. rrent year taxable value $ 392,170,034 (1 ) rrent year tax increment $ $ 68,437, ,732,644 (2) (3) 4. Prior year Final taxable valu l in the tax increment area $ 365,384,471 (4) 5. $ 296,947,081 (5) SGN HERE certify the taxable values above are correct to the best of my knowledge. Date: 6. f the amount to be paid to redevelopment trust fund S BASED on a specific proportion of the tax increment value: 6a. Enter the proportion on wh, % (6a) Ue!alC:aE!a increment value (Line 3 multiplied by the percentage on Line 6a) $ 6b.. 161,866,322 (6b) f value is zero or less zero, then enter zero on Line 6b 6c. of payment to trust fund in prior year $ 631,530 (6c) 7. f the amount to be paid to th redevelopment trust fund S NOT BASED on a specific proportion of the tax increment value: l $ 0 (7a) per $1,000 (7b) $ 0 (7c) of taxes levied on increment value by 100) 0.00 % (7d) $ 0 (7e) s G N Title: STEVEN ALEXANDER, certify the calculations, millages and rates are correct to the best of my knowledge. Date: Contact Name and Contact Title: ALFREDO RVEROL, CHEF FNANCAL OFFCER H E R E Mailing Address: 6130 SUNSET DR City, State, Zip: Physical Address: 6130 SUNSET DRVE Phone Number: Fax Number: SOUTH MAM, FL

19 TAX NCREMENT ADJUSTMENT WORKSHEET NSTRUCTONS Property appraisers must com ete and sign Section lof this worksheet and provide it with form DR-420, Certification of Taxable Value, to all taxing authorities who make payments to a redevelop:ment trust fund under: 1 s (2)(a), Florida Statutes, or An ordinance, resolutior, or agreement to fund a project or to finance esrential infrastructure. "Tax increment value" is the cumulative increase in taxable value from the base ye~r to the current year within the defined geographic area. t is used to determine the payment to a redevelopment trlst fund under: s (1), F.S. or An ordinance, resolution, or agreement to fund a project or finance esse~tial infrastructure. n this case, the taxing authority must certify the boundaries and beginning date to the property appraiser. "Dedicated increment value" is the portion of the tax increment value used to determine the payment to the redevelopment trust fund. (se~ s (8)(h), F.S.) Calculate the dedicated incretent value on this form and enter on either Line 6b or Line reo "Specific proportion," used to drtermine whether to complete Line 6 or Line 7, refers to the calculation of the tax increment payment. Exam~les: Example 1. Section (1), F.S., states the payment made by the taxing autho ity should equal 95% of the millage levied times t e tax increment value. The specific proportion in this case is 95%. The ordinance providing for thf3 payment may set a percentage lower than 95rlo. n these cases, the lower percentage would :)le the specific proportion. Example 2. Some required tax incretjent payments are not directly related to the tax ncrement value. A constant dollar payment is a payment not based on a specific proportion of the tax increment value. Line.7 converts these pa~ftments into a proportion based on the prior year's ayment and tax increment value to reach he current year's dedicated increment valu~. ' Section : Property Appraiser A. Complete Section of this form for each county, municipality, independent special district, dependent special district, and MSTU that: Has a tax increment value and DR-420TF R. 6/1 0 Page 2 s not exempted from making payments to a community redevelopment trust fund based on tax increments (s (2)(c), F.S.). f a taxing authority has more than one tax increment value, they must complete a separate form for each tax increment value. Send a copy to each taxing authority with the DR-420 and keep a copy. When the taxing authority returns the completed forms, immediately send the original to: Florida Department of Revenue Property Tax Oversight Program - TRM Section P. O. Box 3000 Tallahassee, Florida B. Enter only tax increment values that apply to the value located within the taxing authority indicated. Section : Taxing Authority Complete Section of the form, keep one copy, and return the original and one copy to your property. appraiser with DR-420 within 35 days of certification. Send one copy to your tax coll.ector. Additional nstructions for Lines 6 and 7 Complete Line 6 if the payment into the redevelopment trust fund is a specific proportion of the tax increment value. Complete Line 7 if the payment is based on a calculation other than a specific proportion. Do not complete both Lines 6 and 7. All TRM forms for taxing authorities are available on our website at

20 j FLORDA Year: 2017 Principal Authority: CTY OF SOUTH MAM MAXMUM MLLAGE LEVY CALCULATON PRELMNARY DSCLOSURE For municipal governments, counties, and special districts County: Taxing Authority: CTY OF SOUTH MAM : Reset Forrn i Print Form MAM-DADE DR-420MM-P R.5/12 Rule 12D Florida Administrative Code Effective 11/12 s your taxing authority a 1. ad valorem taxes for less nicipality or independent special district that has levied 5 years? D Yes No (1 ) F YES, STOP HERE. SGN AND SUBMT, You are not subject to a millage limitation Prior year maximum per $1,000 (2) rate with a majority vote from 2016 Form DR-420MM, Line per $1,000 (3) Amount, if any, measured by a usted current year onea"dack rate based on prior year majority-vote maximum millage rate $ 1,66M93,662 (5) proceeds with majority vote divided by 1,000) $ 8,747,991 (6) in prior year as a consequence of an obligation ment value from Current Year Form DR-420 Line 12 $ 631,530 (7) proceeds with majority vote (Line 6 minus Line 7) $ 8,116A61 (8) value from Current Year form DR-420 Line 15 $ 1,622,172,265 (9) 10. Adjusted current year 11. Rolled-back rate to be (Enter Line 10 if adjusted 12. Adjustment for change in rate (Line 8 divided by Line 9, multiplied by 1,000) per $1,000 (10) levy per $1,000 (11 ) r capita Florida personal income (See Line 12 nstructions) (12) rate allowed (Line 11 multiplied by Line 12) per $1,000 (13) lage rate allowed (Multiply Line 13 by 1.10) per $1,000 (14) per $1,000 (15) (16) ing body: Chec here if Line 15 is less than or equal to Line 13. The maximum um rate. Enter Line 13 on Line 17. D s vote maximum millage rate C. Una mous vote of the The maximum millage greater than Line 13. e m millage rate is equal to the proposed rate. Enter Line 15 on Line 17. selection on Line (Enter rate indicated by a maximum millage rate of on Line 16) per $1,000 (17) 18. ue from Current Year Form DR-420, Line 4 $ U93,210,812 (18) Continued on page 2

21 Taxing Authority: CTY OF SOUTH MAM (Line 15 multiplied by Line 18, divided by 1,000) $ um millage rate (Line 77 multiplied byline 78, divided $ 7,710,806 nrn,n""~"n taxes of all dependent special districts & MSTUs levying 19 from each district's Form DR-420MM-P) o $ 7,710,806 (22) 23 Enter the taxes at the um millage of all dependent special districts & MSTUs. levying a millage (The sum Lines 20 from each district's Form DR-420MM-P) 24. $ o (23). $ 9,251,354 (24) 25 total current year taxes on Line 22 equal to or less than total taxes at the. maximum millage ne 24? (Check one) [l] YES D NO (25) 5 G N H E R E. Authority,crl'T,r"::1T of Chief Ad Title: STEVEN ALEXANDER, ; TY MANAGER Mailing Address: 6130 SUNSET DR certify the millages and rates are correct to the best of my knowledge. The millages comply with the provisions of s and the provisions of either s or s , F.5. Date: Contact Name and Contact Title: ALFREDO RVEROL, CHEF FNANCAL OFFCER Physical Address: 6130 SUNSET DRVE Phone Number: Fax Number: Complete and submit this ~frm DR-420MM-P, Maximum Millage Levy Calculation-Preliminary Disclosure, to your proper y appraiser with the form DR-420, Certification of Taxable Value. nstructions on page 3

22 MAXMUM MLLAGE LEVY CALCULATON PRELMNARY DSCLOSURE NSTRUCTONS DR-420MM-P R. 5/12 Page 3. General nstructions Line nstructions Each of the following taxing a[thorities must complete a DR-420MM-P. County Municipality Special district dependent 0 a county or municipality County MSTU, ndependent special distrilt, including water management districts Water management distric basin Voting requirements for milia, es adopted by a two-thirds or a unanimous vo e are based on the full membership of the gover ing body, not on the number of members present at the time of the vote.! This form calculates the maxi~um tax levy for 2017 allowed under s i(5), F.5. Counties and municipalities, including gependent special districts and MSTUs, which adfpt a tax levy at the final hearing higher than allovyed under s , F.5., may be subject tb the loss of their half-cent sales tax distributionl Lines nly taxing authorities that levied a 2016 millage rate less than their maximum majority vote rate must complete these lines. The adjusted rolled-back rate on Line lois the rate that would have been levied if the maximum vote rate for 2016 had been adopted. f these lines are completed, enter the adjusted rate on Line 11. Line 12 This line is entered by the Department of Revenue. The same adjustment factor is used statewide by all taxing authorities. t is based on the change in per capita Florida personal income (s (8)(i), F.5.), which Florida Law requires the Office of Economic and Demographic Research to report each year. Lines 13 and 14 Millage rates are the maximum that could be levied with a majority or two-thirds vote of the full membership of the governing body. With a unanimous vote ofthe full membership (three-fourths vote of the full membership if the governing body has nine or more members) or a referendum, the maximum millage rate that can be levied is the taxing authority's statutory or constitutional cap. DR-420MM-P shows the prelijinary maximum millages and taxes levied base'd on your Line 16 proposed adoption vote. Eachl taxing authority Check the box for the minimum vote necessary at the final must complete, sign, and subrpit this formto hearing to levy your adopted millage rate. their property appraiser with their completed DR-420, Certification of Taxabl11e Value. Line 17 Enter the millage rate indicated by the box checked in Line The vote at the final hearing apd the resulting 16~ f the proposed millage rate is equal to or less thanthe maximum may change. After the final hearing, majority vote maximum millage rate, enter the majority vote each taxing authority will file J final Form maximum. f a two-thirds vote, a unanimous vote, or a DR-420MM, Maximum Millage: Levy Calculation referendum is required, enter the proposed millage rate. For Final Disclosure, with Form D~-487, Certification a millage requiring more than a majority vote, the proposed of Compliance, with the Department of Revenue. millage rate must be entered on Line 17, rather than the. maximum rate, so that the comparisons on Lines 21 through Specific tax year references in fhis form are 25 are accurate. updated each year by the Dep1artment.. All T 1M forms for taxing authorities are available on our website at