Miami-Dade 2040 LRTP - Oct. 23, 2014

MIAMI-DADE LONG RANGE TRANSPORTATION PLAN UPDATE TO THE YEAR 2040 Chapter 5 | Putting Our Infrastructure to Work EYES ON THE FUTURE | 5-9 Additional ½-cent Local Option Sales Tax Additional ½-cent Local Option Sales Tax (or Charter County and Regional Transportation System Surtax) are the most widely used source of dedicated local and regional funding for transit and they generally provide the greatest yield as well as being among the most broadly acceptable sources of funding. Sales tax receipts are sensitive to the changes in the local economic cycles. Miami-Dade County voters approved a 1/2 cent Chapter County Surtax in 2002 referendum as part of the People’s Transportation Plan. The tax is commonly referred to as the PTP Surtax. Eligible uses of a local option sales tax include planning, developing, constructing, operating and operation and maintenance of a bus system or to construct and maintain roads and service the debt on bonds issued for that purpose. Additional Real Property Tax Property tax revenues are calculated by multiplying the Taxable Value by the adopted/forecasted millage for the fiscal year. Other taxing jurisdictions levying a property tax include libraries, school districts, municipalities, special districts such as water management, fire protection and others. In Florida, the growth in revenue from property taxes assessed by taxing authorities is capped at a rate equal to the growth in Florida per capita personal income plus new construction, unless the governing board of the taxing authority overrides the cap with a super-majority, unanimous vote, or referendum. Additional 2-cent Local Option Fuel Tax Local Option Fuel Tax can be levied at 1 to 5 cents per gallon of motor fuel (gasoline and gasohol, but not diesel fuel). To impose an additional 2 cent per gallon tax would require an extraordinary vote of the county commission or a countywide referendum initiated by the commission. Increased Tolls on MDX Expressways Applied to Transit the region. Florida Statute allows "excess" toll revenues to be used on other projects, but so far this funding MDX. Increases in “Smaller” Taxes/Fees, Such As Hotel Occupancy Taxes and Parking Fees The MPO examined several other fees and taxes including hotel occupancy taxes and parking fees. These potential revenue source for capital funding. They are, however, considered in combination with other revenue sources. Miami-Dade is one of the most dynamic tourism and business travel markets in the U.S. with moderate hotel occupancy taxes relative to other tourism and business travel markets in the county. The Global Business Travel Association reported that in 2011 ten cities with the highest total daily tax burden for travelers were Chicago, New York City, Boston, Kansas City, Seattle, Minneapolis, Cleveland, Indianapolis, Nashville and Houston. VMT Tax Application of Vehicle Miles Travel Tax (VMT) to replace the motor fuel-based taxes is now widely debated Figure 5-3 | Potential Revenue Sources Under Consideration Potential Revenue Sources