RE.2 - Compute 0.3800 Mills Dda 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 rate; and

WHEREAS, the Statute stipulates that said proposed millage rate be submitted to the Miami-Dade County Property Appraiser (“Property Appraiser”) and the Miami-Dade County Tax Collector (“Tax Collector”); and

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

WHEREAS, the exclusions to the rolled-back millage rate 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 (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, the proposed millage rate submitted to the Property Appraiser and the Tax Collector is not binding but is necessary for the purpose of preparation of TRIM notices;

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 herein as if fully set forth in this Section.

Section 2. The MIAMI DDA’s rolled-back rate is 0.3745 mills.

Section 3. The proposed millage rate for the MIAMI DDA for the Fiscal Year beginning October 1, 2026, and ending September 30, 2027, is 0.3800 mills, which is 1.47% more than the rolled back rate.

Section 4. The Executive Director is hereby authorized to submit forthwith the rolled back rate and the proposed millage rate for the MIAMI DDA to the Property Appraiser and to the Tax Collector together with the dates, times, and locations at which the City Commission will hold public hearings to consider the proposed millage rate, the MIAMI DDA’s tentative budget, tentative millage, final millage, and final budget for said fiscal year as follows: First Public Budget Hearing on Thursday, September 10, 2026, at 5:05 P.M. in the City Commission Chambers located at City Hall, 3500 Pan American Drive, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws. Second Public Budget Hearing on Thursday, September 24, 2026, at 5:05 P.M.in the City Commission Chambers located at City Hall, 3500 Pan American Drive, Dinner Key, Miami, Florida, or at such other time, date, location, as otherwise allowed by Florida laws.

Section 5. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.