Miami-Dade County’s property-tax base rose 3.39 percent for 2013, marking the second consecutive year of growth after the great real-estate crash that crippled the region’s economy and forced many local governments into painful downsizing.
But the recovery remained spotty across the sprawling and diverse county, with some municipalities posting big gains and others still seeing their tax base shrink.
Miami-Dade Property Appraiser Carlos Lopez-Cantera said Monday the overall taxable value of county real estate at the end of last year was $197,133,835,984. That countywide taxable value turned out to be a bit better than a June 1 estimate from the property appraiser, which put growth at 3.1 percent.
The July 1 preliminary certification of taxable values enables cities and other taxing authorities like the School Board and the Children’s Trust, to set their budgets for the 2013-14 year and to decide on proposed millage rates. But they are sort of stale news for those interested in current market values.
“These values are not the best to determine what your property is worth,” said Lopez-Cantera, noting assessments are based on prior-year values. “Today’s real estate activity won’t be reflected until 2014.”
The City of Miami posted a 4.47 percent gain in taxable value, which totaled $32.74 billion for 2013. With a host of new construction in the works in Miami’s downtown, that trend seems likely to continue.
“We were projecting like 4.1 percent and it turned out to be 4.47 percent,” Miami Mayor Tomás Regalado said. “I think that’s very important, because it shows that the city is growing — that the market is coming back. ... That’s very good news for the residents.”
Miami’s budget director was crunching numbers Monday evening to figure out what the increase could amount to for next year’s budget — perhaps about $700,000 more, based on current tax rates, Regalado said.
He suggested that money could be used to offset a decrease in communications tax money coming from the state of Florida.
The tiny enclave of Indian Creek Village, where last year’s $47 million sale of a bayfront mansion to a Russian buyer set a record for Miami-Dade, posted the biggest percentage gain in its tax base for 2013 — 19.5 percent — despite no new construction coming on the tax roll. The village was dubbed “Miami’s Billionaire Bunker” by Forbes last year.
Bal Harbour’s taxable value increased 15.14 percent. Bal Harbour finance director Chris Wallace said it’s too soon to say whether the increase will impact the 2013-14 budget and that many choices will be left up to elected officials.
“It’s a positive development for the village,” Wallace said.
The St. Regis Bal Harbour Resort at 9703 Collins Avenue, which opened in 2012 and has 243 guests rooms and 245 private residences, “likely added quite a bit to the village’s tax value,” said Wallace, who also cited condominium projects.
Among other big winners was Sunny Isles Beach, where fancy high-rise condominiums dominate the skyline and taxable value jumped 10.32 percent year over year to $6.90 billion for 2013, both from increasing values of existing properties and some new construction.