City Property Taxes lowered in Coral Gables!

In a bit of good news for Coral Gables residents the Coral Gables city commission has voted to lower property taxes for the fiscal year that began October 1, 2011.  That means that next years millage rate will be 5.869 mills which is lower than last fiscal year by approximately .203 mills.  Now what the heck does that mean?

Think of the millage rate as a dollar amount of $5.869 per $1000 of the assessed property value, then for example a property that has an assessed value of $2000 would have a pre-deduction city tax bill of $11.74… boy that would be a nice tax bill but there is no such thing as a $2000 property in Coral Gables, unless you are talking about a bird bath.   And so in more reasonable prices, if you property’s assessed value is $200,000 then your pre-deduction city tax bill will be $1,173.80.  Of course you also are going to be taxed by the county at their millage rates so you will have to add that to your bill and then deduct a Homestead Exemption or other exemptions in order to arrive at your final bill amount…but at least for this year the city’s portion is going to be a bit lower.  Also remember that the assessed value is not the same as the market value of a property, and the assessed value is usually a good amount lower than the market value.  If you would like to know the market value of your home call me for a Comparative Market Analysis.

The E-Newsletter of the City of Coral Gables also reports that this reduction will not result in the loss of any city jobs as the workforce is slated to remain the same at 791 full-time employees.  In addition there are funds set aside for repairs and improvements.  So it seems that city services will not suffer much from the projected loss of about $2 Million in revenue as a result of this decrease.  Sounds like good news to me!

Coral Gables City Hall

Coral Gables City Hall

Thanks for reading!

Joshua T. Reich, P.A.
Broker-Associate
“Knowledge, Professionalism, Diligence”
RE
/Max Advance Realty
305-283-4470
Josh@GreatCoralGablesHomes.com
www.GreatCoralGablesHomes.com
www.TheCoralGablesBlog.com

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Published in: on October 17, 2011 at 5:35 pm  Leave a Comment  

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