Downtown Miami Property Values Dive By Millions
Written by Yudislaidy Fernandez on August 26, 2010
By Yudislaidy Fernandez
In greater downtown Miami, truth-in-millage notices detailing taxable values and proposed taxes — mailed Tuesday to a million-plus residential and business owners in Miami-Dade — show slimmer cuts in value for commercial buildings and larger reductions for condominiums.
Countywide, values fell $30 billion this year, said Miami-Dade Property Appraiser Pedro Garcia. That’s a $9 billion reduction for commercial properties and a $21 billion trim for residential.
"It looks like, in general, assessments for condos have gone down," said Gary Appel, of Property Tax Adjusters. "Commercial properties are trickier because of the application of the income approach. Each building could be assessed differently to condominiums, where they use the sales approach."
The 55-story Wachovia Financial Center downtown was assessed $20.7 million less, with taxable value falling from $290.7 million in 2009 to $270 million this year, according to Miami-Dade’s property records site.
The taxable value of Brickell Avenue’s 600 block, where Brickell Financial Centre is rising, dropped almost $3 million from $15.7 million to $12.8 million.
One Broadway, a 371-unit rental apartment tower at 1451 S Miami Ave., experienced a small change in value, inching down from $82 million to $78 million.
At the 500 Brickell condominium, the taxable values of several condo units were reduced by about 30% from 2009 to 2010, such as a one-bedroom unit assessed this year at $161,000 compared to $230,000 in 2009.
Over at Icon Brickell’s Tower 1, some one- and two-bedroom units saw a 15% reduction. For example, a two-bedroom condo valued at $515,100 in 2009 fell to $437,800 this year.