RE.1 - Compute 7.3616 Mills Proposed Rate

WHEREAS, Section 200.065, Florida Statutes ("Statute"), sets forth requirements for the "Truth in Millage" ("TRIM") notice and requires each taxing authority to establish a proposed millage rate and to determine the statutorily defined rolled back millage rate; and

WHEREAS, said proposed millage rate will reflect the levy necessary to fund the City of Miami's (“City”) tentative budget other than the portion of the budget to be funded from sources other than ad valorem taxes; and

WHEREAS, the proposed millage and the date, time, and location of the City’s first public budget hearings (“First Public Budget Hearing”) to consider the millage rate and proposed budget must be submitted to the Miami-Dade County (“County”) Property Appraiser and the County Tax Collector and is not binding but is necessary for preparation of TRIM notices; and

WHEREAS, the Statute defines the “rolled back millage rate” as a millage rate which, with certain specified exclusions, will provide the same ad valorem tax revenue for each taxing authority as was levied during the prior year less the amount, if any, paid or applied as a consequence of an obligation measured by the dedicated increment value; those exclusions are “new construction, additions to structures, deletions, increases in the value of improvements that have undergone a substantial rehabilitation which increased the assessed value of such improvements by at least one hundred percent (100%), property added due to geographic boundary changes, total taxable value of tangible personal property within the jurisdiction in excess of one hundred fifteen percent (115%) of the previous year’s total taxable value, and any dedicated increment value”; and

WHEREAS, Section 200.065(2)(d), Florida Statutes, requires that the tentative millage rate, the statutorily defined rolled back millage rate, the final budget, and the date, time, and place of the second public budget hearing (“Second Public Budget Hearing”) must be advertised within fifteen (15) days of the First Public Budget Hearing;

NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:

Section 1.  The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section.

Section 2.  A proposed millage rate for the City for the Fiscal Year beginning October 1, 2026, and ending September 30, 2027, is hereby computed as follows:

General Operating Millage7.1080

Debt Service Millage0.2536

Total Millage Rate          7.3616

Section 3.  The State of Florida statutorily defined rolled-back millage rate for the purpose of funding the Fiscal Year 2026-27 General Operating Budget for the City is 6.7097 mills.

Section 4.  The City’s First Public Budget Hearing at which the City Commission will consider the proposed millage rate and the City's tentative budget for said fiscal year is hereby set for Thursday, September 10, 2026, at 5:05 P.M. in the City Commission Chambers at City Hall, 3500 Pan American Drive, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws.

Section 5.  The City’s Second Public Budget Hearing at which the City Commission will consider the tentative millage rate, the statutorily defined rolled back millage rate, and the final budget for said fiscal year is hereby set for Thursday, September 24, 2026, at 5:05 P.M. in the City Commission Chambers at City Hall, 3500 Pan American Drive, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws.

Section 6.  The City Manager is hereby authorized and directed to submit both said proposed millage rate and the statutorily defined rolled back millage rate for the City to the County Property Appraiser and to the County Tax Collector together with the date, time, and place at which the City Commission will hold the First Public Budget Hearing and the Second Public Budget Hearing.

             Section 7.  This Resolution shall become effective immediately upon its adoption and signature of the Mayor.