The City of Coral Gables might be getting a break soon. Well, kind of. According to a recent article from the Miami Herald, Coral Gables City Manager Patrick Salerno is planning to suggest a property tax cut for Coral Gables’ down to $5.869 from $6.072 for every $1,000 of assessed property value. This news will be introduces as part of the city’s proposed $145 million budget.

From the Miami Herald:

And while the city’s tax base remained essentially flat at $11.8 billion in the past 12 months, according to the Miami-Dade Property Appraiser’s Office, Salerno has not proposed any controversial budget cuts this year.

The commission is slated to hold two budget hearings in September at City Hall before they pass a new budget for the new fiscal year that starts Oct. 1. Visit the Miami Herald to read the full article and stay tuned to Urbanism Group’s blog for more South Florida commercial real estate soon.

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