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Jun 2, 2009 12:33 pm US/Eastern
Miami-Dade's Plummeting Tax Rolls "Unprecedented"
MIAMI (CBS4) ―
Across South Florida the tax rolls are out and the news is grim. The losses in property tax roll values are described as "unprecedented", especially in Miami-Dade County where tax values nose-dived 9-percent during the past year, making it the worst year-over-year decline in at least 40 years, according to figures released by the county property appraiser's office.
The plummeting tax roll in Miami-Dade means a budget gap of between 350 - 400 million dollars. County Manager George Burgess says a budget gap that size can't be closed through cutting services alone without seriously impacting core services.
Burgess says necessary revenue increases must be part of the discussion, in other words higher fees or taxes.
North Bay Village took the biggest hit, down more than 20-percent from 2008 levels. Homestead saw an 18-percent decline, followed by Normandy Shores down 17.5-percent, and Aventura was down 17.3-percent.
In Broward County, they are bleeding billions in lost property tax values too. Broward's property appraiser said taxable values there dropped 10.7-percent, and this is not just a county problem.
For example, Fort Lauderdale taxable property values are down eight percent year over year. Coconut Creek is down 12 percent, Weston is down 11-point-five percent, and Oakland Park is down nearly 15-percent.
South Florida real estate prices have been pummeled since the housing bubble burst which resulted in a record number of foreclosures across ther region. The housing market troubles have grown into a broader economic recession that's pushed the South Florida jobless rate from 4.8 percent a year ago to 8.5 percent today.
CBS4'S Michael Williams and CBS4 News partner The Miami Herald contributed to this report.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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