Miami-Dade County Property Appraiser Releases 2020 Preliminary Certification of Taxable Values Reflecting an Increase of 5.1%
Miami-Dade County, FL – The Miami-Dade County Property Appraiser Pedro J. Garcia has released 2020 Preliminary Certification of Taxable Values to the taxing authorities, which continue to show a general growth in the real estate market. The countywide estimated taxable value for 2020 is $324,362,997,164, a 5.1% increase, which represents a value of $15,721,539,446 as compared to 2019.
With almost $8 billion of taxable value added countywide this year, new construction continues to dominate the real estate market in Miami-Dade County. However, the downward market corrections affecting existing properties, such as Bal Harbour, N. Bay Village, Key Biscayne and Aventura, continue to have an impact on the 2020 assessments, reflecting negative roll growth for these municipalities. This decline of taxable value is primarily attributed to a decrease in condominium values in areas with high concentration of residential condominiums.
It is important to note, the unprecedented COVID-19 crisis in the second quarter of 2020 has started to affect the real estate markets, especially commercial properties. Florida law, however, requires county property appraisers to assess every property within their respective county based on the property and market conditions as of January 1st of each year.
“I will do everything within my authority to assist property owners who are struggling during these unprecedented times. As the real estate market changes during 2020, my office will consider these factors and make the necessary corrections permitted by law,” said Property Appraiser Garcia.
The 2020 Preliminary Certification of Taxable Values allows the taxing authorities, such as county government, municipal governments, the School Board and The Children's Trust, to prepare their 2020-2021 fiscal budgets, and adopt proposed millage rates, which will appear on the Notice of Proposed Property Taxes mailed to all property owners by August 24th. This notice will provide property owners with their proposed property tax and exemption benefits information.
Property Appraiser Garcia encourages property owners to review their individual property values online at http://www.miamidade.gov/pa/. To better serve our community, our offices are open to the public by appointment only due to COVID-19. Our regular business hours are 8:00 a.m. to 5:00 p.m. Monday through Friday. Property owners may also call us at 305-375-4712, if they have any questions that do not require an in-person visit.