Island’s 2023 Taxable Values now at $9,978 billion | Real Estate

Key Biscayne’s assessed taxable value spring-boarded from an 8.8% increase in June to 9.7% in the final preliminary assessment released by the Miami-Dade County’s Property Appraiser’s office Friday afternoon.

It was “good news,” according to Village Manager Steve Williamson.

Based on the new amount and the five items Village Council requested to be added as new initiatives at Wednesday night’s Budget Workshop, the numbers changed significantly regarding the proposed millage cap and budget.

– The baseline budget millage is now 2.9605 (down from 2.9839);

– After including the five additional new initiatives, the cost of the total proposed new initiatives is $4.86 million;

– This adds .5124 mills on top of the baseline budget millage for a proposed millage cap of 3.3067;

– That 3.3067 cap is 4.9% greater than last year’s millage rate of 3.1533.

A month ago, taxable property values on Key Biscayne were estimated by the Property Appraiser’s office to climb from $9.1 billion to $9.9 billion ($803 million or 8.8% more), providing the Village with a nice boost in tax revenue. Friday, that number ballooned to $9,978,517,232 ($882,022,048 or 9.7% more than the 2022 net value figures).

According to Chief Financial Officer Benjamin Nussbaum, the increase from the June 1 figure would generate an additional $235,000 of revenue at the existing millage rate.

The $9.978 billion total in taxable property values is 9.7% more than the prior year.

Williamson and Nussbaum will be at the July 18 Council Meeting, when a discussion will take place prior to the millage cap being set for Fiscal Year 2024. The cap is set to a point that cannot be increased but can be decreased after line items are further analyzed throughout the process.

Key Biscayne ranked eighth in the county in 2023 preliminary taxable property values, not including unincorporated areas or Miami’s Downtown Development Authority. Miami, Miami Beach, Coral Gables, Doral and Hialeah accounted for the top five.

The first Village Budget Hearing does not take place until Sept. 12 with the final one Sept. 26.

The top priorities for the Village’s FY 24 budget now include:

* Develop and promote six new officers at a cost of $25,000;

* Recruit and double slot Deputy Chief for Operations at $40,000;

* Recruit and train six new firefighter/paramedics at $25,000;

* Replace two rescue trucks at $1,200,000;

* Install camera and security systems at parks and beach access pathways at $150,000;

* Address increase in juvenile disorder and citizen safety concerns at $50,000;

* Ensure beach safety and rules compliance at $50,000;

* Purchase five new police vehicles at $250,000;

* Repair and maintain Village artwork at $142,111;

* Improve traffic flow on Harbor Drive between Crandon and Fernwood at $750,000;

* Enhance communications and engagement plan and delivery at $75,000;

* Refine and tailor website to simplify access and use at $25,000;

* Install artificial turf on St. Agnes Academy field at $1,200,000;

* Hire a contractor to manage athletic program at $200,000;

* Adapt Harbor and Beach parks for age- and time-appropriate sports at $50,000;

* Create a park usage and programming guide at $25,000;

* Improve traffic circles, roadways and sidewalks at $600,000

For the complete list of Miami Dade County assessed taxable value for all communities, click here.