The City of Coral Gables announced last week that property taxes were being reduced for the third year in a row. According to the city’s website: “The budget calls for a property tax millage rate reduction from the current rate of 5.869 to a new rate of 5.669. The rate represents $5.669 per $1,000 of assessed property value. The City would be reducing property tax revenues collected by approximately $1.5 million. This follows a reduction in the millage rate a year ago from 6.072 to 5.869. This would also be the first time in more than 35 years that the City has reduced property tax revenues for three consecutive years.”
Given that property values are increasing, many homeowners and buyers should be content with this news!