What will the impact be to my household?

 

To find out what financial impact the proposed bonds would have on your household, follow these steps:


Step 1:

Go to the Miami-Dade County Property Appraiser’s website (by clicking the button below) and enter your Key Biscayne home address.

 
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Step 2:

Under the Taxable Value Information section for your property, find the "City Taxable Value” amount for the year 2020. Please note that the "city taxable value" of your home is likely different (lower) than the market value of your home (what someone would pay for it on the open real estate market).

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Step 3:

Enter the “2020 City Taxable Value” of your residence in the calculator below and click on the “Click to Calculate” button. Once the appropriate information is entered, the calculator will tell you tell you the approximate impact of the proposed bond on your household (not per individual resident) for each of the different bond periods.


Following is the additional amount you will pay each year for the following periods:

2021-2022: $

2023-2025: $

2026-2028: $

2029-2031: $

2031-2050: $

Why is the amount different depending on the year?

The annual financial impact to each individual household will vary in years 1 through 11 (FY 2021 through FY 2031) from $0 to $56 per $100,000 of taxable value, with an average of $29 per $100,000 of taxable value. The impact will remain stable at $65 per $100,000 of taxable value from FY 2032 through the remainder of the bonding period.

The variability in the rate is a result of the different “withdraw” amounts - and the interest rates available at the time of the withdraw - taken from the total available amount (a maximum of $100M) over time. For example, if all of the money were withdrawn at the same time in one “draw,” then the rate would be fixed/non-variable for the entire bond period, however, this is not how most bonds work for a variety of reasons.

 
 
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Important Notes:

  1. The calculator assumes an interest rate on the Bonds of 3% per year during each year shown. The actual interest rates on each series of Bonds cannot be determined at this time. Interest rates will be determined at the time each series of Bonds is issued and will depend on prevailing market conditions at the time.

  2. Bonds are projected to impact the tax roll starting in FY 2023.