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Wednesday, June 20, 2007

Property tax reform: Is it realistic or not?

Legislators have been going through a lot of contradictory proposals to find a relief for property taxes. Contradictory ideas have been given, yet no one has voted on any of them. Perhaps politicians and legislators have been talking about so much and at the same time about nothing; nonetheless, the June Legislature session is promising to bring some solutions to the property tax problem. There is a new hope and maybe a solution will be found soon.

We all want the Miami real estate market to experience some changes for good with the new legislation. The city of Miami's statistics will have a big influenced in the final decision, some of the facts that affect the property tax issues are:

• Property collection rose 62.5% for fiscal 2002 through 2006.
• Building boom was a big source of revenue for the city of Miami.
• Total revenue has increased 35% during the same period.
• Price Index has growth 12%; on the other hand, property taxes have increased five times faster.
• The numbers are depending of the number of residents and the city of Miami has become much larger. Between the years 2005 and 2006, the population went from 362,470 to 386,147 (Census Bureau).

As is mentioned before the total revenue has increased 35% between 2002 and 2006, yet the expenses of the city of Miami have increased 33%, so both growths are practically equal. The expenses' growth is in part a consequence of the payroll’s growth which increased 27% in the city of Miami. The numbers given bring a big question: is property taxes reform really possible, or is it just a pretty nice dream? At this moment politicians and legislators are making numbers to give form to the new property tax legislation, yet they do not want to make a wrong decision that would have to be taken back.

For those who are optimistic answers are pretty clear, the solution to the issue will be announced soon. And the property taxes problem does have a solution that will benefit all Miami real estate market.

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