José Regalado wants to shake up property values in Miami-Dade County by incorporating climate change into the equation.
Regalado returned to public office earlier this month, after serving two terms as Miami’s mayor until 2017. As mayor, he led efforts to have voters approve the borrowing of hundreds of millions of dollars to address the impacts of climate change, such as sea level rise and flooding.
Now, as the head of the office responsible for determining property values and setting property taxes across Miami-Dade, Regalado believes it’s time to consider climate change when assessing property value.
“It’s something we need to acknowledge — it’s real, it’s happening, and it’s part of our lives. Property appraisal should reflect this modern reality,” Regalado said.
Just as rising seas and increased flooding can drive up insurance costs, they may also lower property values. This could put local government and school district tax revenue at risk. But Regalado dismissed concerns about the financial impact.
“It wouldn’t be total Armageddon,” Regalado said.
He’s confident that Miami-Dade will continue to attract new residents, including those fleeing countries with authoritarian regimes, like Venezuela. While Regalado has yet to clarify how exactly climate change factors might be incorporated into property assessments, he’s gathering data and “establishing some kind of directive.” His goal is to ensure property owners recognize the risks associated with climate change.
“If we need to lower the property value, we will,” Regalado said.
Miami-Dade County Mayor Daniella Levine Cava called Regalado’s approach “well attuned” to the region’s climate concerns and high cost of living. In a statement, the mayor emphasized ongoing efforts to protect infrastructure and mitigate extreme weather.
“Any effort to ease the burden on homeowners is welcome, and I share the Property Appraiser’s commitment to addressing rising costs while investing in community resilience,” Levine Cava said.
Regalado is considering factors like sea level rise, sunny day flooding, and stormwater overwhelmed by heavier rainstorms — all effects of climate change. He pointed to King Tide flooding in the Shorecrest neighborhood, where water levels can rise up to knee-high, causing property damage.
“I’ve been there as mayor when the water was up to my knees, and houses flooded. People had to move their furniture to avoid it being destroyed,” Regalado recalled.
Much like the familiar real estate saying “location, location, location,” Regalado plans to assess whether a home is in a flood zone or has its own septic system instead of being connected to the county sewer.
“What I want people to understand is that if you think this is a problem 50 years down the road, you’re wrong,” he said.
In Florida, property appraisers already consider eight factors when setting assessed property values, which are used to determine property taxes. These factors include the property’s condition, its zoning, and the income it generates. Regalado believes these criteria will be adjusted to better reflect climate-related risks.
In land-scarce South Florida, the value of land typically makes up the largest portion of a property’s assessed value. Regalado’s plan would target land value, which is especially vulnerable to climate change. The land-based value also contributes to escalating housing costs in the region. The median price of a single-family home in Miami-Dade was $650,000 in November, a 7% increase from the previous year and a 75% jump in five years.
Regalado acknowledges that his effort to factor in climate risks will help address the housing affordability challenge. It could potentially lower property taxes for current homeowners or slow tax increases, benefiting those who want to stay in their homes.
The assessed value of a property for tax purposes differs from its market value, or what a buyer and seller agree a property is worth. Changes in the assessed value can affect property taxes. A lower assessed value could lead to a smaller tax bill, reducing the funds collected by local governments and school districts.
“It is what it is, because that’s the reality,” Regalado said.
When might these climate risks appear in property assessments? Regalado says he has the authority to make these changes without approval from the county commission.
“By next year — for the 2026 tax rate — I believe we’ll be able to show how climate change affects property value,” he said.
Regalado, a Republican, ran for property appraiser as a Republican and was elected with 57% of the vote, outpacing his Democratic opponent. Despite a state legislature that has pushed to remove the term “climate change” from regulations, Regalado feels confident that state lawmakers understand the need to address housing affordability.
“The politics of this align with the new era of giving back to the people, as President Trump said in his inauguration speech,” he said.
Source: WLRN