Property Values Within The Miami-Dade Area Are Up For The First Time Since 2008
Back in May, several county leaders had come up with estimate figures which showed
that the property tax base within the Miami-Dade area had risen for the first time in at
least four years. It had clearly signaled that the Miami real state market was indeed on
its way to recovery from the recent crash.
However, things are looking even better now as property values have gone up across
the region as explained by Property Appraiser Pedro J. Garcia who discussed how the
increasing values are up by almost 2 percent to approximately $190.7 billion from last
year which is higher than he had originally expected.
Recovery is crystal clear for the Miami real estate market.
According to Garcia, he made an estimate at the end of May on the total property
value for the 897,650 properties within Miami-Dade to be at $189.7 billion — half
of 1 percent lower than actual figures turned out to be. Statistically, people might not
find the numbers to be too impressive, but many consider it to be relevant, especially
within a region that relies quite heavily on constructions which have seen overall
values drop by as much as $55 billion ever since 2008.
Many other people who are engaged in the real estate market are much like Garcia in
the sense of feeling optimistic about the South Florida real estate market to be headed
for better days. In fact, there are those who have noted that the cycle for the property
market is now in the expansion period once more.
The overall tax roll is one of the noted factors in recent developments. Basically, the
higher the tax rolls are, the more money will be available for the country to tax which
means that homeowners will have to check in on their updated property tax rates.
Similar to other governments, the final tax roll numbers for the Miami-Dade area are
typically different from previous estimates as the sales of properties located within
neighborhoods are still likely to fluctuate depending on the demand situation on the
For instance, the upscale village of Bal Harbour which had a tax roll hike of $172
million through the re-evaluation of high-rise condominiums which include the new
St Regis Bal Harbour which is located where the Bal Harbour Sheraton used to be.
Evaluations are still on-going in several neighborhoods.
Areas which have had the highest tax roll increases over the last twelve months are
more likely to be coastal cities which have been on the rise. Areas included are Bal
Harbour which has increased by 35.4 percent, Indian Creek which has increased by
11.8 percent, and the city of Sunny Isles Beach which has increased by 7 percent.
Areas which are still trying to recover from the recent crash are ones which are found
within inland locations which have not been too successful in attracting potential
residents into numerous residential constructions.
Single-family home properties within the Miami-Dade area are currently valued at
$58.6 billion. Condominiums make up for $51 billion while commercial real estate
properties make up for $49.6 billion. The remaining $190 billion is comprised of
multi-family real estate, vacant land, as well as other property types.