On May 31, 2019, the Miami Herald ran an article, “Hialeah is hot. Key Biscayne is not. Here’s where Miami property values stand in 2019”, the article sheds light on a sobering reality that we Key Biscayners need to face…our property values are falling and our market is not hot.
Key Biscayne’s total property estimated value in 2017 was around $10 billion, today according to the Miami Date County Property Appraiser’s report, total property on the island is worth about $8.278,000,000 (taxable value before new construction), a -2.8% decline since 2018.
Key Biscayne has lost over $2 billion in two years alone, and we are still in decline compared to other municipalities.
Key Biscayne 2019 is possibly the worst performing real estate market in Miami Dade County, because we are hampered by the fact we don’t have enough land to build any new construction.
With falling taxable values, I ask how on earth can the Village Council consider raising millage (from 3.1%), contemplate issuing a General Obligation Bond with figures ranging from $50 million to $200 million to finance an under grounding project whose value proposition has yet to be determined?
On June 18, the Village will hold its Budget Workshop to review and deliberate on the budget submission from the various village government departments, I would hope that our Village Manager and Council are giving significant consideration to areas in the budget that could use some cost-cutting and savings.
This year, I expect the Village Council to actually question the budget, instead of rubber stamping their approvals without properly analyzing the financial impact on taxpayers.
Last year the Village Council raised our millage from 3.0% to 3.1% although they were aiming for 3.5% to balance the 2018-2019 budget shortfall.
The Village Council and Village Manager should leave the millage alone, and undertake the tough job of balancing the Village’s service and operational needs against our falling taxable values.
We need to get smart and realize that some Village projects may be out of our financial reach, and that before we proceed on any major infrastructure projects, we must have public consensus.
To learn more about the Village of Key Biscayne Budget, please visit: