Yes, if you can believe it, Palmetto Bay has actually decreased taxes for the Village’s next fiscal year which begins October 1.
In an age of decreased property values and when surrounding neighbors including Pinecrest and Cutler Bay both raised their rates, Palmetto Bay has found a way to slightly lower their tax.
Long-time residents who had their home’s market value capped at 3% each year may not see much difference in their taxes, but anyone who bought within the last 5-7 years will definitely rejoice. The combination of the lower tax and the reassessed home value could lead to noticeable savings.
Overall, the Village will lose about $1M in tax income, but they have found ways to save elsewhere actually providing a positive income versus this year.
The vote was 4-1 in favor of the decrease. The one nay vote was Palmetto Bay Vice Mayor Brian Pariser who said he voted against the proposed budget and tax rate because he thought the village could have lowered the rate even more to give taxpayers added relief. “We could have given that money back to the residents instead of putting it in our reserves.”