Coral Gables commission tentatively agrees to cut tax rate
The Coral Gables City Commission tentatively approved a new $144.8 million budget that maintains current city services, no staff cuts, and reduces the city’s tax rate to $5.67 per $1,000 of taxable property value from $5.87.
That’s about a 3 percent cut, the same as Florida’s maximum increase in property assessment for longtime homeowners, so the deal would be a wash for them.
The owner of a home assessed at $367,000 would pay about $1,798.
“It’s a well-done budget in a tough economic environment,” said Mayor Jim Cason at the Thursday evening hearing.