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9 <br />CST` of SUI+ �� <br />City of Sunny Isles Beach <br />18070 Collins Avenue <br />Sunny Isles Beach, Florida 33160 <br />(305) 947 -0606 City Hall <br />(305) 949 -3113 Fax <br />MEMORANDUM <br />TO: The Honorable Mayor and City Commission <br />FROM: Minal Shah, Assistant City Manager- Finance <br />DATE: 7/19/2012 <br />RE: Establishing the maximum City of Sunny Isles Beach Proposed Ad <br />Valorem Tax Millage Levy Rate <br />RECOMMENDATION: <br />Staff is recommending the Commission approve the submission of a maximum millage <br />rate of 2.8860 to the Property Appraiser's Officer no later than August 4, 2012. <br />REASONS: <br />On July 1, 2012, the Property Appraiser of Miami -Dade County, Florida served the City <br />its Certification of Taxable Value certifying the City's 2012 taxable value is <br />$6,258,284,331, which includes new construction and additions value of $74,139,611. <br />The 2012 taxable values, including new construction, represents an increase of 10.745% <br />over the 2011 Taxable Values after Value Adjustment Board changes. Without new <br />construction, the increase in taxable values is 9:�. (o .1'1 °10 <br />The millage rate at 4+868 will generate net revenue of $17,158,330. <br />1 —V <br />Per Florida Statutes, the Commission has the authority to approve a millage rate up to <br />3.1478 with three votes and a millage rate up to 3.4626 with four votes. <br />Note that the millage rate submitted to the Property Appraiser's Office by August 4, 2012 <br />is the maximum millage rate the City can set forth for FY 2012/2013 and will be included <br />in the TRIM notices mailed out to the residents by the end of August 2012. <br />ATTACHMENTS: <br />Resolution <br />DR 420 2012 <br />DR 420 MAX 2012 <br />Agenda Item No.I OAmDate 7/19/2012 <br />38 <br />