The Miami-Dade County Property Appraiser, Pedro J. Garcia, has released the 2019 June 1 Estimates of Taxable Values to the taxing authorities, which continue to show growth in the real estate market. The countywide estimated taxable value for 2019 is $307.213 billion a 5.9 percent increase as compared to 2018.
New construction is dominating the real estate market in Miami-Dade County, with over $7 billion of taxable value added countywide this year. The City of Miami and Sunny Isles Beach are leading the pack with $3.2 billion and $918 million respectively. However, the downward market corrections affecting existing properties, such as in Key Biscayne and Sunny Isles Beach, continue to have an impact on the 2019 assessments. In a couple of instances, the new construction value helped offset overall value reductions of existing properties such as Aventura and Sunny Isles Beach.
“The overall real estate market continues to grow, although not at the same pace as in prior years,” Garcia said. “The market is now showing a moderate growth trend, unlike the bubble seen in the mid-2000. However, new construction continues to play a significant role in the overall taxable value for the municipalities.”
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 2019 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 would like to review their assessment with staff, can visit the office in Downtown Miami at 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.