As I predicted, July 6th, taxes are on the rise.
It was reported today, in the Miami Herald, that Coral Gables voted to raise their tax rate to "offset an approximate $10-million shortfall in the city's budget." The average Coral Gables home (valued at $571,388) could see an increase of anywhere from $200 to a bit over $500. Remember, this average homeowner also has to pay county taxes which, when you add in the separate Countywide debt service and the County Library District tax, are actually higher than the Coral Gables city tax.
I think we will see an increase in all Miami-Dade Cities, one-by-one the shoe will drop. Coral Gables only had a modest decrease in property values (-5.3% in 2009) whereas other less fortunate cites are facing a double-digit decline (Homestead almost -25%).