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Miami expects $9 million in tax
revenue from condo developments
By Deserae del Campo With the condominium boom
changing the Miami skyline, city officials expect $9
million in total tax revenue next year from condo
development - money that will be used to finance city
operations.
"This money is channeled into the city's police and
fire departments along with solid waste," said Larry
Spring, chief of strategic planning and budgeting for
the City of Miami. "We provide our residents with the
proper public services, along with financing our parks
and public works."
During the city's budget hearings, he said, "I inform
city commissioners, for the record, where this money is
being used."
"The revenue from the tax assessment and from condo
development is distributed to every single neighborhood
in the city," Mr. Spring said, "and distributed to all
city departments for them to use." According to city
planning records, 54 residential projects are completed
within the city and 64 are in construction phases. The
total of construction costs is $8.2 billion.
Currently, 90 projects are in the pipeline with
construction costs estimated at $14.2 billion.
For 2005, the county assessed the total residential
property at $5.2 million.
"The $5.2 million is what Miami-Dade County has
assessed," said Mr. Spring, "and it represents the
increase in our property tax value from last year to
this year. The revenue gained is used to support all
city functions. We also use this money to pay salaries
and provide benefits to our workers." The city does
expect the tax revenue to continue to increase within
the next couple of years, he said, but over time it
should level off and the increase will not be as great
as it is now.
"Over the last four years, under the advice from
Mayor Manny Diaz, we have added to our reserves," Mr.
Spring said. "The hard work from the finance department,
the city manager and employees all pushing for the same
goal to make us fiscally accountable as we move forward
into the future."
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