Miami-Dade County

Property values in Miami-Dade up higher than expected

This May 30, 2014 photo shows the construction of buildings in Miami’s downtown financial district of Miami.
This May 30, 2014 photo shows the construction of buildings in Miami’s downtown financial district of Miami. AP

For the first time since before the recession, all of Miami-Dade’s real estate markets are in growth mode.

New assessment data from the county property appraiser’s office shows each of the county’s 37 taxing districts saw gains from the prior year. The data covers real estate values as of Jan. 1, and countywide values are up 9.4 percent from the start of 2014.

This marks the second real estate scorecard from the property appraiser, with Wednesday’s numbers serving as an update from the preliminary data released June 1. Almost all of the revisions showed more growth, with the countywide average up from the 8.6 percent increase released last month. The tax roll that funds the school system went from an estimated 10.6 percent gain to an increase of 11.6 percent.

Sunny Isles Beach saw the most growth, with overall property values up 16.7 percent. Trailing the pack at No. 37 is Virginia Gardens, with just a 2.7 percent gain. Also on the top five: El Portal, Key Biscayne, Miami Beach and Miami.

“This growth has been steady, with the coastal communities leading the way,” said Pedro Garcia, the county’s elected property appraiser.

The city with the most new construction was Key Biscayne, with about $564 million of new real estate on the books. The ritzy island’s condo projects gave it an edge over Miami, where $487 million of new construction gave it the No. 2 spot for new real estate.

Wednesday’s numbers are based on property assessments used to calculate the 2015 property-tax bills. First, local governments must set proposed rates for the year. Higher values can cause bills to spike even with flat rates, so the gains may pressure elected officials to cut taxes.

Miami-Dade and local jurisdictions will set tentative tax rates in the coming weeks, and those will be used to calculate potential tax bills for the Notice of Proposed Taxes (called TRIM notices) that are mailed Aug. 24. The 2015 valuations are available online now at miamidade.gov/pa.

Some other tidbits from the data:

▪ The Normandy Shores taxing enclave within Miami Beach saw the best growth for existing properties: up 13.2 percent. Sunny Isles Beach was a close second at 13.1 percent.

▪ Bay Harbor Islands, home to a fight between historic preservationists and developers, recorded a negative balance in terms of new construction, with a loss of $4.7 million. The property appraiser’s office blamed the decline on demolitions.

▪ Miami-Dade has about $230 billion worth of taxable real estate. That’s roughly equal to all of Facebook’s stock ($240 billion, as of Wednesday).

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