The Town of Miami Lakes will levy the same property tax rate as the current year, and the town council also approved a $42 million budget for the 2020-2021 fiscal year which begins Oct. 1.
During the second and final budget hearing on Sept. 22, councilmembers adopted the $2.3127 millage rate which generates $8 million in ad valorem taxes.
With that millage rate, the owner of a home valued at $450,000 will pay about $878.83 of the town portion of their tax bill, after taking standard and homestead deductions, said Town Manager Edward Pidermann.
The town’s general fund is $20 million ($17.3 million plus a fund balance for the rest).
It is used to pay for police and other municipal services, legal fees, salaries and benefits for town staff, and that money represents just 12.3% of a homeowner’s tax bill.
The rest of the property tax revenues go to Miami-Dade County, the school district, water management and The Children’s Trust.
Pidermann said despite the negative impact of the COVID-19 pandemic upon state revenues that are shared with municipalities, the town was able to balance its budget.
Councilmembers hope to replace about $800,000 which the town borrowed last year to balance that budget.
The money was earmarked for capital improvement projects for Miami Lakes Optimist Park and taken from town reserves.
Sources to replace those borrowed funds may be money that was not used for services, projects, and town committees’ events that were canceled or greatly reduced because of coronavirus restrictions upon gatherings.