An aerial view of Miami Shores Village Bayfront Park looking toward Miami on September 30, 2020.
Real estate values in Miami-Dade remain extremely high, with no signs of cooling, according to the latest property value report from the county assessor’s office. The 34 municipalities saw their values increase at the start of 2024.
Taxable Property Values in Miami-Dade increased by around 10% by the end of 2023, from a total valuation of $425.8 billion to $468.6 billion, figures that include existing commercial and residential buildings, as well as new construction. These increases reflect property values calculated as of early 2024 for the county’s 34 municipalities as well as unincorporated Miami-Dade, according to the report released late last week. This is the third consecutive year of strong growth after 2023 which saw a Increase of 12.3% and 2022 saw a Increase of 10.2%.
Values increase based on sales volume, prices and new construction. In the past, some municipalities have seen declines, which usually indicated a trend toward demolitions and a sign that developers were clearing land for new projects the following year.
The latest report shows the resilience of Miami-Dade’s commercial spaces, offices, warehouses, multifamily apartment buildings and condominiums. and single-family housing. As real estate faces nationwide headwinds, growth of the local population can be credited with supporting the South Florida market. Demand continues to drive major investments in commercial real estate — especially for warehouses – and to historically high sales prices. The median sales price for a home is now $654,000 in Miami-Dade.
“Many people come from the northeastern region of the country, including Boston, New York and California,” said Pedro J. Garcia, Miami-Dade’s real estate appraiser. “What happened during COVID was a lot of people realized they could move to Miami and work from home. People began to settle in this area. We have no state taxes. This is another help for people who have a lot of money.
Long-time homeowners may have difficulty moving forward with the new increases. The county would receive approximately $42.8 billion from this change if the millage rate remains the same. However, Garcia said he hopes the county commission and other taxing authorities will lower their millage rates to lessen the burden of a large increase. Miami-Dade County leaders will announce their plans this summer.
“It affects everyone who doesn’t own homesteads,” Garcia said, referring to properties with a homestead exemption, which have a 3 percent cap on property tax increases. “For these people, this represents a huge amount in taxes.”
Cities with high real estate values are increasing
All existing real estate in each of Miami-Dade’s municipalities experienced an increase in property value, with Sweetwater coming in last at 0.5%. Among the 34 cities and the unincorporated area, eight saw property values exceed the county average by 10 percent. El Portal topped the list with a year-over-year increase of 13.5%, followed by Indian Creek (12.9%), Surfside (11.5%), Biscayne Park (11 .5%), Miami Shores (11.4%), Virginia Gardens (10.9%). %), Golden Beach (10.6%) and Hialeah (10.4%).
Homeowners who hold their breath while the market calms may be in for a long wait. Garcia said he expects property values to continue to rise next year, as population forecasts look positive and demand for residences remains strong.
“We are not seeing any slowdown in property purchases and sales in Miami-Dade. This is what we check every day,” said Garcia, who added that the pandemic was having a noticeable impact on demand. “I have been involved in real estate for over 50 years. What happened in Miami is incredible. We don’t have to prepare anything for this.
Miami Herald reporter Doug Hanks contributed to this story.
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