The City of Miami will have to make do with less tax revenue, at a time when overall spending is primed to surge. That, and other news, in this election roundup.
Voters approved two ballot measures this week that will likely have an outsized impact on City of Miami finances for years to come – a statewide referendum that will cut the city’s property tax revenue by $54 million a year, and a $450-million bond that with interest could cost the city – and taxpayers – nearly $800 million.
The statewide property tax cut, known as Amendment 3, was approved by 62% of Florida voters. The measure will increase the homestead exemption for property taxes from $50,000 to $150,000 next year, and to $250,000 in 2028.
Two-thirds of Miami-Dade County voters (65%) supported the tax cut.
City officials estimate the higher deduction will cost the city $37.1 million in lost revenue in the first year, and $53.9 million in subsequent years.
That revenue loss will be felt more keenly, perhaps, because of the $450-million public safety bond program that 61% of Miami voters approved on Tuesday.
With voter approval in hand, the city will be able to borrow $450 million to repair, restore and replace outdated police and fire-rescue facilities. With debt service, the city estimates the total cost of the bond program could reach $795 million.
Mayor Eileen Higgins, who proposed the bond, wants to complete all work by 2033. On Tuesday night, Higgins thanked voters for their trust.
“Now it’s my job to make sure we deliver,” she said in a statement. “That means getting these projects moving, spending taxpayer dollars responsibly, and holding ourselves accountable to deliver results.”
Miami District 2 Commissioner Damian Pardo, who opposed the bond, struck a note of caution after the outcome was certain.
“The voters have approved a potential bond of up to $450 million, possibly without fully appreciating the financial impact of such a vote on their household,” Pardo said in a statement.
“We now have a responsibility to explore all options that will minimize any negative financial impact to residents, while ensuring our police and fire departments have the facilities they deserve.”
In another key vote on Tuesday, Miami voters tanked a proposed public-private partnership between the City of Miami and Virginia Key LLC to redevelop two marinas on Virginia Key. Two out of three voters (65%) rejected the deal.
In some ways, the ballot issue became a referendum on development trends in Miami and the future of local haunts like Gramps Getaway, a popular restaurant and bar overlooking the Rickenbacker Marina, Biscayne Bay and Miami’s skyline.
Gramps owner Adam Gersten led a campaign to defeat the deal.
“It’s been incredible to see the City of Miami become so engaged and energized when the soul of our city is on the line,” Gersten said after the vote. “The people certainly have made a statement and it’s very exciting to think about what’s to come, not just for smart and cautious growth on Virginia Key, but around the whole city.”
In other election results, voters in the North Grove (and elsewhere) elected Democrat Gloria Romero Roses to represent House District 113 in Tallahassee, replacing Vicki Lopez who resigned last year to take a seat on the Miami-Dade County Commission.
Lopez will keep that seat, after defeating opponent Rob Piper. Romero Roses defeated former County Commissioner Bruno Barreiro, a Republican, in the District 113 race.
County voters also agreed to renew a school board tax that helps to pay teacher salaries in Miami-Dade County. The tax was approved by 82% of voters.
Madelin Vinat, a civics teacher at George Washington Carver Middle School in Coconut Grove said she did not expect such overwhelming support.
“We were very worried about that referendum not passing… because of people being so worried about inflation and everything being so expensive today,” said Vinat, who also serves as the school’s union representative. “I’m very grateful that our community valued what we do every day.”
Tania Alonso, whose two children attend George Washington Carver Elementary School and serves as the president of school’s PTA, said she wasn’t surprised the tax was renewed, but the vote symbolized local support for teachers and staff.
“It’s for [teachers] to know that they are appreciated and wanted and that they belong here because this community stands behind them,” Alonso said. “I’m proud of people using their voice and their ability to vote and understanding that they can make a difference.”
