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CITY OF
<br />y \5 LES
<br />2
<br />City Commission
<br />LOCAL ECONOMY
<br />Larisa Svechin
<br />Since its origin, the City has been developed mostly for residential aspirations.
<br />Mayor
<br />Today, the luxury residential component is one of the main economic engines
<br />Alex Lama
<br />of our City. After the City's incorporation and the adoption of its
<br />Vice Mayor
<br />Comprehensive Plan, allowing for a strategic revitalization of its greater assets
<br />Jerry Joseph
<br />— the waterfront residences and the beach - the City experienced significant
<br />Commissioner
<br />growth in its tax base. This is mostly attributable to the replacement of old
<br />597,556,627
<br />motels with the redevelopment of luxurious high-rise residential condominiums.
<br />Fabiola Stuyvesant
<br />During the 2008 housing collapse, the City experienced a moderate downturn in
<br />Commissioner
<br />construction and tax base. However, in 2011, the City rebounded with its
<br />Jeniffer Viscarra
<br />approval of high-end luxury residential condominiums. The 2011 fiscal year
<br />Commissioner
<br />ended with taxable value at its lowest point in years. During the years of
<br />(162,266,551) (255,253,007) (392,793,020) 1371,480,554) (231,735,785) (177,678,121)
<br />adjustment, the City experienced new construction which helped minimize the
<br />(266,348,629)
<br />impact of the devaluation of the property values. Property values started to
<br />Total Final Taxable Values
<br />appreciate again in 2012, and the continuing increase in property values in 2013
<br />Stan Morris
<br />through 2015 is primarily attributed to the turnover of long-term owned
<br />City Manager
<br />properties to new buyers and as mentioned, the rebound of new construction of
<br />Mauricio Betancur
<br />residential projects. This allowed for the property taxable valuation to "reset"
<br />City Clerk, CMC
<br />to the current fair market value, compared to the long-term owned properly that
<br />12.23%
<br />was protected at the fair market value at time of purchase, with annual increases
<br />equal to the lesser of CPI or 3%. Beginning with the 2016 year, we began seeing
<br />significant new construction added to our tax rolls, bringing our projected 2023
<br />taxable value, for fiscal year 2023-24, to over $15.9 billion.
<br />The millage rate was reduced to 2.6 mils in fiscal year 2015, and by 1/10 of a
<br />mil each year through 2022 to 2.1 mils. Property tax values were projected to
<br />increase again for fiscal year 2023 and the millage rate was reduced to 2.0 mils,
<br />with a projected collection of $26.2 million in ad valorem revenues.
<br />v
<br />CITY OF SUNNY ISLES BEACH
<br />18070 Collins Ave, Sunny Isles Beach, FL 33160"
<br />sibfl.net1305.947.0606
<br />2024
<br />2023 2022 2021 2020 2019 2018
<br />2017
<br />2016
<br />2015
<br />Current Year Adjusted Values
<br />15,312,131,485 13,584,165,132 11,338,676,927 10,971,897,147 10,648,993,425 11,089,118,428 10,299,485,811
<br />9,513,872,268
<br />8,684,155,480
<br />7,679,032,753
<br />Plus New Construction
<br />656,276,116
<br />197,629,908 1,297,165,759 943,614,945 919,502,238 31,417,157 798,407,488
<br />597,556,627
<br />275,651,745
<br />226,030
<br />Total Estimated Taxable Values
<br />15,968,407,601
<br />13,781,795,040 12,635,842,686 11,915,512,092 11,568,495,663 11,120,535,585 11,097,893,299 10,111,428,895
<br />8,959,807,225
<br />7,679,258,783
<br />Adjustments
<br />NIA
<br />(162,266,551) (255,253,007) (392,793,020) 1371,480,554) (231,735,785) (177,678,121)
<br />(142,553,1121
<br />(266,348,629)
<br />(119273,765)
<br />Total Final Taxable Values
<br />15,968,407,601
<br />13,619,528,489 12,380,589,679 11,522,719,072 11,197,015,109 10,888,799,800 10,920,215,178 9,968,875,783
<br />8,693,458,596
<br />7,559,985,018
<br />Change from Prior Year
<br />17.25%
<br />11.327, 9.66% 2.91% 2.03% -0.30% 9,54%
<br />14.67%
<br />14.99%
<br />12.23%
<br />v
<br />CITY OF SUNNY ISLES BEACH
<br />18070 Collins Ave, Sunny Isles Beach, FL 33160"
<br />sibfl.net1305.947.0606
<br />
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