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<br />Preview <br /> <br />Page 1 of 1 <br /> <br /> <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br /> <br />(305) 947-0606 City Hall <br />(305) 949-3113 Fax <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />The Honorable Mayor and City Commission <br /> <br />FROM: <br /> <br />Minai Shah, Assistant City Manager-Finance <br /> <br />DATE: <br /> <br />7/21/2011 <br /> <br />RE: <br /> <br />Establishing the maximum City of Sunny Isles Beach Proposed Ad <br />Valorem Tax Millage Levy Rate. <br /> <br />RECOMMENDATION: <br /> <br />Staff is recommending the Commission approve the submission of a maximum millage <br />rate of 2.8860 to the Property Appraiser's Office on August 4, 2011. <br /> <br />REASONS: <br /> <br />On July 1,2011, the Property Appraiser of Miami-Dade County, Florida served the City <br />it's Certification of Taxable Value certifying the City's 2011 taxable value is <br />$5,848,080,278, which includes new construction & additions value of $224,053,924. <br />The 2011 taxable values, including new construction, represents an increase of 8.3% over <br />the 2010 Taxable Values after Value Adjustment Board Changes. Without new <br />construction, the increase in taxable values is 4.2%. <br /> <br />Staff is recommending the millage rate remains the same at 2.8860, which represents a <br />4.2% increase over the Rolled Back Rate of 2.7706. This will generate a net revenue of <br />$16,033,682. <br /> <br />Per Florida Statutes, the Commission has the authority to approve a millage rate up to <br />3.2973 with three votes and a millage rate up to 3.6270 with four votes. <br /> <br />Note that the millage rate submitted to the Property Appraiser's Office on August 4,2011 <br />is the maximum millage rate the City can set forth for FY 2011/2012 and will be <br />included in the TRIM notices mailed out to the residents by end of August 2011. <br /> <br />ATT ACHMENTS: <br />. Resolution <br /> <br />http://sibagenda.sibfl.net/agendalPreview.aspx?ItemID=545&MeetingID=O&MeetingDate... 7/15/2011 <br />