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The Miami-Dade County Property Appraiser Pedro J. Garcia has submitted the 2024 Preliminary Certification of Taxable Values to the taxing authorities, which continue to show strong growth in the real estate market.
The countywide taxable value for 2024 is $471,525,736,521, an increase of $45,708,855,505 or 10.7 percent growth when compared to 2023. Taxing authorities will use the preliminary taxable values to prepare their upcoming budgets and determine their proposed millage rates.
The countywide new construction value increased just over $6 billion, continuing a trend seen over the past few years. This trend does not appear to be slowing down as real estate values continue to grow. The City of Miami continues to have the largest increase in new construction with more than $1.7 billion.
“For the third consecutive year, we are seeing record value growth in Miami-Dade County. The continued increase in market values is making home ownership difficult, if not impossible, for our average residents,” said Property Appraiser Garcia.
“Many property owners will be paying higher property taxes, which they may not be able to afford. Therefore, I have urged the county commission and the other taxing authorities to consider a reduction in their millage rate to help our residents cope with the increased cost of home ownership,” Garcia added.
The 2024 Preliminary Certification of Taxable Values allows the taxing authorities, such as county government, municipal governments, school board, and The Children’s Trust, to prepare their 2024-25 fiscal budgets and adopt proposed millage rates, which will appear on the Notice of Proposed Property Taxes (commonly referred to as the TRIM Notice) mailed to all property owners by Aug. 23. This notice will provide property owners with their proposed property taxes and exemption benefits information.
Property Appraiser Garcia encourages property owners to review their individual property values online at www.miamidade.gov/PA/. Property owners who have questions or would like to review their assessment with staff may call our offices at 305-375-4712 or submit queries by visiting www.miamidade.gov/PASubmit.
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