Miami-Dade Property Values Surge, Sets A New Record
Property Appraiser Pedro J. Garcia has released the July 1st Preliminary Certification of Taxable Values to taxing authorities in Miami-Dade County. The countywide taxable value for 2016 is $251,337,011,475,a 9.07% increase from 2015.
“Miami-Dade County continues to see a surge in the real estate market. While property values have risen higher than ever before, the difference this time is that certain segments show signs of a more sustained growth,” said Mr. Garcia.
The following municipalities experienced the most significant percentage increases in 2016:
- North Miami Beach (16.51%)
- North Bay Village (15.31%)
- West Miami (15.05%)
- El Portal (13.68%)
- Bay Harbor Islands (13.12%)
- Miami Beach (13.03%)
- Sunny Isles Beach (12.85%)
- Surfside (12.42%)
- Golden Beach (12.27%)
- Miami (11.78%)
- Biscayne Park (10.54%)
Property Appraiser Garcia continued by saying, “We’ve reached a new milestone with property values that have risen over $64 billion from the crash’s low point in 2011 and have gained over $5 billion in taxable value since the peak in 2008. With new projects still under construction and more in the planning stages, we can expect more new construction growth in the next couple of years.”
The July 1st Preliminary Certification of taxable values allows the taxing authorities, such as the county, the cities, and the school board to set next year’s budget and adopt proposed millage rates.
Individual property assessments are available online at the Property Appraiser’s website. Property owners are encouraged to look up their 2016 assessments. If they have any questions or would like to review their assessment, they can visit our office in Downtown Miami (111 NW 1st Street, 7th Floor) or the South Dade Government Center (10710 SW 211th Street, 2nd Floor), Monday through Friday, from 8 a.m. to 5 p.m. For their convenience, they can also schedule an appointment online or call us at 305-375-4712.
The Notice of Proposed Property Taxes (TRIM Notice) will be mailed by August 24th, which will provide property owners with their proposed property tax and exemption benefits information.