The Miami-Dade County Property Appraiser Pedro J. Garcia has submitted the 2021 Preliminary Certification of Taxable Values to the taxing authorities, which continues to show an overall growth in property values despite the impact COVID-19 had on certain real estate markets.
The countywide estimated taxable value for 2021 is $337,968,694,350, a 4.2 percent increase, which represents a value of $13,605,697,186 as compared to 2020. In June, the estimates were released; however, taxing authorities will use these preliminary taxable values to prepare their upcoming budgets and determine their proposed millage rates.
Commercial properties were particularly affected by COVID-19, but residential single family home values remained strong. Although single family home sale amounts showed significant increases over this past year, the decline in certain commercial property values due to COVID-19 and the continued decline in condominium values has negatively affected the overall market values for many of the taxing authorities.
“We are seeing a very mixed market this year. Despite the economic uncertainty COVID-19 has created for many commercial property owners, single family home values have continued to increase,” Property Appraiser Garcia said.
The 2021 Preliminary Certification of Taxable Values allows the taxing authorities, such as county government, municipal governments, the school board and The Children’s Trust, to prepare their 2021-22 fiscal budgets, and adopt proposed millage rates, which will appear on the Notice of Proposed Property Taxes (commonly referred to as TRIM Notice) mailed to all property owners by Aug. 24. 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/.
To better serve our community, the offices are open to the public by appointment only due to COVID-19. Regular business hours are 8 a.m. to 5 p.m. Monday through Friday. Property owners may also call 305-375-4712, if they have any questions that do not require an in-person visit.