Miami-Dade County saw a double-digit spike in property values this year, approaching the kind of growth last seen before inflated housing prices hit their last peak ahead of the Great Recession.
Taxable property values grew 12.3% in Miami-Dade as 2023 began, according to a county report just released by the Miami-Dade Property Appraiser’s Office, marking the second straight year of double-digit growth in Florida’s largest housing market. That’s also double the 6% average growth rate between 2012 and 2021, leading some market watchers to predict over-heated prices are due for a retreat.
“I think we’re probably at the peak of the hill and about to go down,” said Jack McCabe, a real estate analyst and owner of Jack McCabe Expert Services in Deerfield Beach. “We’re going to see a switch from a sellers market, to a more evenly balanced one, to a market that favors buyers and renters.”
While nearly $6 billion in new construction in 2022 boosted growth, most of the spike in taxable values came from existing homes, offices, hotels and other properties across Miami-Dade. Without new construction, values increased an average of 10.7%, according to the report.
Miami, the largest city in the county, exceeded the average, with 14.2% growth. With nearly $1.4 billion in new buildings, the city also accounted for almost a quarter of Miami-Dade’s construction in 2022. Other large cities also reported booming values: Hialeah, up 13.9%; Miami Gardens, up 13.6% and Miami Beach, up 10.4%.
A Massive Move Up For Little Medley
Annexation of commercial property meant a 50% spike in values for Medley. That annexation came from Miami-Dade’s unincorporated area, which relies on county government for municipal services and saw its taxable values increase 10%.
The annual report on real estate values used in tax bills offers a preview of the budget season ahead for local office holders. Miami-Dade’s budget predicted an 8% increase in property-tax revenues for the 2024 budget year.
Miami-Dade Property Values
A new report from the Miami-Dade Property Appraiser’s Office shows taxable property values grew 12% in 2022. Take out new construction, and the growth was 11%.
| Aventura | 9% | $13,000,000.00 | $12,400,000,000 | 9% |
|---|---|---|---|---|
| Bal Harbour | 7% | $7,000,000.00 | $6,200,000,000 | 7% |
| Bay Harbor Islands | 16% | $6,000,000.00 | $1,900,000,000 | 16% |
| Biscayne Park | 19% | $1,000,000.00 | $368,000,000 | 19% |
| Coral Gables | 10% | $423,000,000.00 | $22,500,000,000 | 12% |
| Countywide | 11% | $5,889,000,000 | $424,200,000,000 | 12% |
| Cutler Bay | 10% | $27,000,000.00 | $3,600,000,000 | 10% |
| Doral | 9% | $252,000,000.00 | $18,300,000,000 | 10% |
| Downtown Miami | 12% | $166,000,000.00 | $27,600,000,000 | 12% |
| El Portal | 18% | $700,000.00 | $267,000,000 | 18% |
| Florida City | 9% | $101,000,000.00 | $1,110,000,000 | 20% |
| Golden Beach | 12% | $25,000,000.00 | $1,640,000,000 | 14% |
| Hialeah | 12% | $284,000,000.00 | $17,500,000,000 | 14% |
| Hialeah Gardens | 12% | $53,000,000.00 | $2,040,000,000 | 15% |
| Homestead | 11% | $189,000,000.00 | $5,020,000,000 | 15% |
| Indian Creek | 6% | -$700,000.00 | $884,000,000 | 6% |
| Key Biscayne | 9% | $9,000,000.00 | $9,900,000,000 | 9% |
| Medley | 50% | $390,000,000.00 | $5,200,000,000 | 62% |
| Miami | 12% | $1,376,000,000.00 | $84,200,000,000 | 14% |
| Miami Beach | 10% | $220,000,000.00 | $51,400,000,000 | 10% |
| Miami Gardens | 11% | $148,000,000.00 | $7,800,000,000 | 14% |
| Miami Lakes | 9% | $11,000,000.00 | $4,500,000,000 | 9% |
| Miami Shores | 14% | $4,000,000.00 | $1,750,000,000 | 14% |
| Miami Springs | 10% | $4,000,000.00 | $1,597,000,000 | 10% |
| North Bay Village | 11% | $200,000.00 | $1,450,000,000 | 11% |
| North Miami | 12% | $60,000,000.00 | $5,200,000,000 | 13% |
| North Miami Beach | 15% | $0.00 | $4,740,000,000 | 15% |
| Opa-locka | 9% | $11,000,000.00 | $1,700,000,000 | 10% |
| Palmetto Bay | 9% | $56,000,000.00 | $4,120,000,000 | 11% |
| Pinecrest | 10% | $127,000,000.00 | $6,800,000,000 | 12% |
| School Board | 16% | $5,893,000,000.00 | $504,100,000,000 | 18% |
| South Miami | 9% | $21,000,000.00 | $2,600,000,000 | 10% |
| Sunny Isles Beach | 11% | $656,000,000.00 | $15,900,000,000 | 15% |
| Surfside | 10% | $3,000,000.00 | $4,000,000,000 | 10% |
| Sweetwater | 11% | $19,000,000.00 | $3,700,000,000 | 12% |
| Unincorporated | 8% | $1,689,000,000.00 | $112,000,000,000 | 10% |
| Virginia Gardens | −2% | $83,000.00 | $367,000,000 | −2% |
| West Miami | 6% | $1,000,000.00 | $876,000,000 | 6% |