Property tax values continue to rise in Key Biscayne and throughout Miami-Dade County, which is good news for homeowners.
But that could result in an additional tax burden, depending on each city’s mileage rate to fund its budget.
Miami-Dade County Real Estate Appraiser Pedro J. Garcia released the June 1, 2024 Estimated taxable values to Miami-Dade County tax authorities. The estimated countywide assessed value for 2024 is $468.6 billion, a 10% increase from 2023, representing an additional $42 billion in assessed value for the county.
An aerial view of oceanfront properties and a beach in Miami.
Key Biscayne’s estimated assessed value is now $10.7 billion, a 7.2 percent increase from last year’s official $9.9 billion.
“For the third year in a row, we are seeing record value growth in Miami-Dade County,” Garcia said. “Continuing increases in market values make homeownership difficult, if not impossible, for our average residents. Many property owners will pay higher property taxes, which they may not be able to afford.
“Therefore, I have urged the County Commission and other taxing authorities to consider a reduction in their millage rate to help our residents cope with the increasing cost of homeownership.”
What does this mean for Key Biscayne residents, who will also experience a “significant increase” in tax values for the third year in a row, according to village Finance Director Benjamin Nussbaum?
Here are the numbers:
Preliminary taxable value 2023: $9,978,517,232
Estimated taxable value before construction for 2024: $10,697,000,000
Percentage change: 7.2%
New construction: 3 million dollars
Estimated as of June 1, 2024: $10.7 billion
Percentage change from 2023: 7.2% (from $9.9 billion)
Change in net worth: $721 million
While Key Biscayne’s dollar amount of net worth change is among the highest among the taxing authority’s 36 districts (almost similar to Pinecrest’s $778,000,000 but still well below the $4,539,000,000 Miami Beach and Hialeah’s $2,150,000,000, for example), the percentage increase is among the lowest (well below Florida City 17.6%, El Portal 15% and Normandy Shores 13.8%) .
Countywide, the percentage change from 2023 is 10%, with an estimated June 1 assessed value of $468,600,000,000.
The taxable values of school boards are estimated at an increase of 8.7%, while most other taxable components hovered around 10%.
These values are only estimates under Florida’s Property Tax System, which are subject to change. July 1 is the official certification date for the 2024 assessment roll. Actual TRIM (Truth in Millage) notices are sent in September.
A nighttime photo of waterfront buildings and a bridge in downtown Miami.
County officials made clear Tuesday that Key Biscayne’s estimated 7.2 percent tax values were not indicative of the actual correlation to what could possibly be a tax increase, if any, for the fiscal year 2025.
Under Amendment 10, Save Our Homes Act took effect in 1994, the assessed value of a property covered by a homestead exemption cannot increase by more than 3% or the percentage change specified in the Consumer price index for all urban consumers, the lowest amount being retained, as defined in Florida Law 193.155.
This means that no matter how much your property increases in value, its assessed value will never be more than 3% of what it was last year, and it could be lower.
Key Biscayne’s millage rate for fiscal year 2024 has been set at 3.1245, the millage rate (total) overlapping the lowest in Miami-Dade County.
Garcia encourages homeowners to review the value of their individual property online at miamidade.gov/pa/. Homeowners who have questions or would like to review their assessment with staff can call the county assessor’s offices at (305) 375-4712 or submit their questions by visiting miamidade.gov/PASubmit.
