Miami-Dade property tax values ​​rise by double digits again

As evidence of Miami-Dade’s real estate strength, the county’s assessed property value increased by double digits again this year, the third straight year of gains of 10 percent or more.

This year’s June 1 estimate of annual growth in assessed values ​​was exactly 10%, following last year’s estimate of 12.3% and an estimated rise of 10.2% in 2023.

Totals are subject to change when official figures are released on July 1. Last year, for example, the final increase went from the estimated 12.3% to 12.7%.

The totals are of more than academic interest: a 10% increase in value means that if a local government keeps tax rates the same from year to year, its property tax revenues will still increase by 10%. Mayors and commissions can then reduce rates while seeing tax revenues increase significantly.

The total estimated assessed value this year for the county’s real estate is $468.6 billion, including $6.173 billion in new construction, a total well above previous years. Like the cranes that dot our horizon, the value of new construction increases each year, from $5.265 billion in 2021 to $5.292 billion in 2022 and $5.889 billion in 2023.

Percentages for increases in assessed value, such as construction gains, vary widely from community to community.

For example, Sweetwater’s assessed property value has remained almost flat, a tiny 0.5 percent increase in what Sweetwater’s existing properties are actually worth, according to real estate appraiser Pedro Garcia and his team. Even with new construction, Sweetwater’s assessed values ​​increased only 4.6 percent, the lowest in the county.

On the other end of the scale, existing property values ​​in El Portal increased about 13.5%, the largest increase in existing property values ​​in the county. That was followed by 12.9% in exclusive Indian Creek as billionaires drove up the value of their homes and 12.5% ​​in Normandy Shores.

However, when new construction is taken into account, the list changes at the top. The highest percentage growth was in Florida City, on the southern end of the county, where overall values ​​rose 17.6 percent thanks to a $1.25 billion wave of new construction. El Portal followed with overall value growth of 15%, with Normandy Shores in third place at 13.8%.

The larger cities in the county, of course, have far larger tax bases and larger numbers of residents. Miami, with $96.4 billion in assessed value, saw its value increase 12 percent overall, of which existing properties increased 10 percent and more than $1.7 billion in new construction provided the rest.

Hialeah, the second-largest city by population, saw its assessed value climb 12.3 percent, including a 10.4 percent increase in existing property values ​​and the balance of $321 million in new construction.

Miami Beach saw a lower than average increase in overall assessed values ​​of 8.8%, including an 8.3% increase in assessed values ​​of existing properties.

Coral Gables saw an overall valuation increase of 8.2%, Doral 9%, Sunny Isles Beach 12.1%, Aventura 7.9%, Key Biscayne 7.2%, Pinecrest 11.4% , Surfside by 12.1%, Homestead by 10%, North Miami Beach by 12.2% and North Miami by 10.3%. %.

Miami-Dade’s largest “city” is nothing more than its scattered unincorporated areas, where taxable values ​​have increased at exactly the same rate as the county as a whole, 10 percent. The county provides municipal services in these areas.

Unincorporated areas saw the largest change in net worth in the county, with assessed property values ​​increasing by more than $11.3 billion. The smallest overall increases in property value were $40 million in Virginia Gardens and El Portal.