New reports from Tallahassee show a slightly gloomier picture of what might happen to Key Biscayne funding if the Amendment 3 property tax reduction proposal is approved by 60% of the voters in November.<\/p>\n
At last week’s Community Budget Workshop, Village Chief Financial Officer Benjamin Nussbaum showed a small audience how the constitutional amendment would result in a Village-wide shortfall of $1.05 million from less ad valorem tax, based on data delivered to each Florida community by a state-authorized financial study.<\/p>\n
<\/p>\n
Key Biscayne’s Chief Financial Officer Benjamin Nussbaum.<\/p>\n
(Photo courtesy: Jessica Drouet)<\/p>\n
The State of Florida’s Office of Economic and Demographic Research estimates the impact on the Village budget will be:<\/p>\n
\u2022 $1,051,068 in 2027-28<\/p>\n
\u2022 $2,039,220 in 2028-29<\/p>\n
\u2022 $2,245,804 in 2029-30<\/p>\n
On average, those figures represent an average reduction of Village-wide properties across all 7,396 parcels, including homestead, non-homestead and exempt properties:<\/p>\n
\u2022 $142.11 per property in 2027-28<\/p>\n
\u2022 $275.70 per property in 2028-29<\/p>\n
\u2022 $303.65 per property in 2029-30<\/p>\n
Combined with the Village’s proposed millage rate, the estimated annual reduction on an individual homesteaded property would be approximately $287 in FY 2027 and $574 in FY 2028.<\/p>\n
“One important caveat,” Nussbaum said. “All of these (figures) are the Village’s portion only. Miami-Dade County and other levying authorities apply the exemption separately, so a homeowner’s total change would be larger.”<\/p>\n
Amendment 3 increases the current $50,000 homestead exemption to $150,000 the first year and then to $250,000 the second year. For non-homesteaded properties, it lowers the current 10% annual assessment cap to 5% in 2027 and 2028, for starters.<\/p>\n
Weeks earlier, Nussbaum’s original estimate of an $800,000 shortfall to the Village in 2027 was only for the increased homestead exemption.<\/p>\n
The state\u2019s $1.05 million includes both the homestead exemption and the non-homestead assessment cap change.<\/p>\n
The Village of Key Biscayne’s projected budget (before the upcoming Special Budget Hearings on Sept. 8 and Sept. 22) is $47.2 million, plus another $7 million-plus from special revenue and enterprise funds.<\/p>\n","protected":false},"excerpt":{"rendered":"New reports from Tallahassee show a slightly gloomier picture of what might happen to Key Biscayne funding if…\n","protected":false},"author":2,"featured_media":384048,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[133243,153882,153883,87518,126,123,125,124,126888],"class_list":["post-384047","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-amendment-3","tag-amendment-3-passage","tag-amendment-3-property-tax-reduction-proposal","tag-benjamin-nussbaum","tag-key-biscayne","tag-miami","tag-miami-headlines","tag-miami-news","tag-property-tax-reduction"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/384047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=384047"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/384047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/384048"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=384047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=384047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=384047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}