Miami sets cap for property tax rate

Miami city commissioners Thursday set a cap for how high the city's property-tax rate can go in the upcoming fiscal year: $7.92 per $1,000 of assessed property value.

That tax rate, a combination of the city's general operating and debt service rates, is a significant drop from the city's current $8.99 combined tax rate. Most other South Florida cities, however, are being forced to implement deeper cuts because of property-tax reforms approved by state lawmakers this year.

Miami was spared from having to make the deepest cuts because new state laws exempted cities that experienced financial difficulties in recent years.

The rate approved Thursday is not final, just a cap. The city could still decide to lower its tax rate further during upcoming budget talks.