Miami-Dade Property Values Up 8.6 Percent

\"coconutProperty values surged 8.6 percent across Miami-Dade last year, priming local governments for a windfall in tax revenue in 2016 and offering another measure of a surging real estate market.

New estimates from the county’s Property Appraiser detail the second housing boom under way along the coast, with waterfront cities posting some of the largest gains.

“We’re seeing a lot of new construction all over,” said Pedro Garcia, the county’s elected property appraiser. “It really was not a surprise. We saw it coming.”

The higher values could put pressure on some elected leaders to roll back tax rates in order to keep actual tax bills from rising next fall. In Miami-Dade, budget officials had forecast a 5.5 percent in taxable value countywide for the 2016 budget year. Existing properties saw their taxable values increase 7.3 percent. An added $2.7 billion worth of new construction boosted the gain to 8.6 percent.


Source:  Miami Herald


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