The South Miami City Commission, acknowledging current economic challenges facing residents, has voted to cut the millage rate for the 2022/2023 budget.
Last month, as part of the annual budget process, the City Commission set a not-to-exceed millage rate as required by Florida Statute. The annual setting of a not-to-exceed rate is needed so the property appraiser can send out its annual TRIM notice. The TRIM (or Truth in Millage) notice is designed to inform taxpayers which governmental entity is responsible for the taxes levied and the amount of tax liability taxpayers owe to each taxing authority.
When the final city budget is discussed and voted on in September, the final millage rate can not be higher than the not-to-exceed rate set in July, which was 3.999. This is below the current millage rate of 4.300. Therefore, when the final budget is approved next month, the millage will not be higher than 3.999, ensuring a tax rate cut for next year.
