The Miami-Dade County Property Appraiser, Pedro J. Garcia, has released the 2018 June 1 Estimates of Taxable Values to the Taxing Authorities showing a continued growth in the real estate market. The countywide estimated taxable value for 2018 is $288.859 billion, a 6.0 percent increase from 2017.
New construction continues to drive the real estate market in Miami-Dade County with more than $5 billion being added this year. The Surf Club located in Surfside was the single largest project to be completed in 2017 with an assessed value of approximately $1 billion, and the City of Miami had a combined new construction amount over $1.4 billion. Other cities such as Doral, Aventura, North Miami Beach, and Bal Harbour also reflect a significant amount of new construction.
However, officials are beginning to see the effects of market corrections, primarily with condominiums and high value single family residential properties, such as in Key Biscayne and Sunny Isles Beach. In some cases, the new construction value helped offset overall value reductions of existing properties in Bal Harbour, Surfside and Aventura.
“We continue to see the same market trends as last year, with an oversupply of condominiums putting downward pressure on condo values. However, a relative short supply of mid-range single family homes has increased property values, making it more difficult for working families to afford a new home,” Garcia said.
The June 1 estimate is provided to the taxing authorities to assist them with their budget preparations. However, the values released on June 1 are only estimates, which are subject to change. The official certification date for the 2018 assessment roll is on July 1.
Garcia encourages property owners to review their individual property values online at www.miamidade.gov/pa/. Property owners who have questions or want to review their assessment with staff, can visit the office in Downtown Miami, 111 NW First St., Seventh Floor, or the South Dade Government Center, 10710 SW 211 St., Second Floor, Monday through Friday, from 8 a.m. to 5 p.m. They also can schedule an appointment online or call 305-375-4712.