Property Appraiser lists Miami-Dade taxable values
Countywide taxable property values in Miami-Dade rose 3.6% last year, according to an estimate by Property Appraiser Pedro Garcia.
The estimate includes both new and old construction. Properties that existed a year ago as a group rose 1.9% over the period, an increase of $6.28 billion in value, Mr. Garcia’s estimate shows. The rest of the increase was attributed to $5.265 billion in new construction in the past year.
The figures are preliminary, helping taxing authorities to complete their budgeting for the year ahead, Mr. Garcia explained. “The official certification date for the 2021 assessment roll is on July 1,” a memo from his office said.
Of the new construction last year, more than $1.6 billion was reported in the City of Miami, the largest amount. That was followed by almost $1.3 billion in construction in Sunny Isles Beach. The third-largest amount of new construction was $280 million in Doral.
While Sunny Isles Beach was second in value of new construction, it also had the largest percentage loss in the county by far in the taxable value of its existing properties. That value fell 5%, from $11.9 billion to $11.3 billion. But with new construction, the taxable values of properties in Sunny Isles Beach was estimated at more than $12.6 billion as of June 1.
Property values before new construction rose on average 1.5% in the City of Miami, 2.3% in Coral Gables, 4.8% in Homestead, and 4.3% in the county’s unincorporated areas.
Other than Sunny Isles Beach, communities where taxable values of existing properties fell in the property appraiser’s estimates were a 1.6% drop in Aventura, down 1.5% in the Miami area that encompassed by the Downtown Development Authority’s footprint, down 1.3% in Bay Harbor Islands, and down 0.6% in both Bay Harbor Islands and Miami Beach.
The biggest percentage gain in the taxable value of existing properties was Virginia Gardens, where values rose 13.5% to nearly $314 million. Other big percentage gainers in taxable property values were Biscayne Park, 7.5%; Indian Creek, 6.6%; Medley, 6.4%; El Portal, 6.2%; Hialeah Gardens, 6.2%, and Hialeah, 6%.
Despite the more than $5 billion in new construction, much of it during the pandemic months, the value of new construction was higher, $7 billion, in the prior year, Mr. Garcia’s office pointed out.
“The unprecedented Covid-19 crisis in 2020 affected the real estate market, especially commercial properties,” Mr. Garcia’s office wrote. “However, residential single-family home values remain strong.” That show of strength was recorded last year, as the current residential buying frenzy was building up to today’s price levels.
“I know many commercial property owners have experienced loss of rental income due to Covid-19,” Mr. Garcia said. “I have asked property owners to provide me and my staff with information that will assist us in assessing their property’s fair market value.”
Property owners with questions or seeking to review their assessment with staff can call (305) 375-4712, the appraiser’s office said.
Values of properties can be seen online at www.miamidade.gov/pa/.