June 1st Estimates of Taxable Values for Miami-Dade County Released
Miami-Dade County, FL – The Miami-Dade County Property Appraiser Pedro J. Garcia has released the 2020 June 1st Estimates 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 $322,783,000,000, a 4.6% increase, which represents a value of $14,142,000,000 as compared to 2019.
New construction continues dominating the real estate market in Miami-Dade County, with over $7 billion of taxable value added countywide this year. The City of Miami and Miami Beach are leading the pack with $2.6 billion and $1.1 billion, respectively. However, the downward market corrections affecting existing properties, such as Bal Harbour, Surfside, N. Bay Village, Key Biscayne and Aventura, continue to have an impact on the 2020 assessments. In a few instances, the new construction value helped offset overall value reductions of existing properties. However, the continued decline in condominium values has affected the overall market 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.
“My office will continue to carefully monitor market trends this year and will consider the impact related to COVID-19. Any changes in the sales prices occurring in 2020 will be reflected in the 2021 assessments,” said Property Appraiser Garcia.
The June 1st estimate is provided to the taxing authorities to assist them with their budget preparations. However, the values released on June 1st are only estimates, which are subject to change. The official certification date for the 2020 assessment roll is on July 1st.
Property Appraiser Garcia encourages property owners to review their individual property values online at http://www.miamidade.gov/pa/. Property owners who have questions or would like to review their assessment with staff may call our offices at 305-375-4712. Our main priority is the safety of our community, therefore due to COVID-19, our offices remain closed to the public.