|
Getting your Trinity Audio player ready...
|
The Miami-Dade County Property Appraiser Pedro J. Garcia has released the 2021 June 1 Estimates of Taxable Values to the taxing authorities.
The countywide estimated taxable value for 2021 is $335,912,000,000, an increase of $11,549,002,836 or 3.6 percent when compared to 2020.
New construction has offset weaknesses in certain markets. Miami-Dade County saw an increase in new construction of just over $5 billion of taxable value countywide as compared to $7 billion last year. The City of Miami and Sunny Isles Beach had the largest increase in new construction with over $1.6 billion and $1.2 billion, respectively. However, downward market trends continue to affect certain properties, especially in areas dominated by condominiums, such as Miami Beach, Bal Harbour, Bay Harbor Islands and Aventura.
The unprecedented COVID-19 crisis in 2020 affected the real estate market, especially commercial properties. However, 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 affected the overall market values for many of the taxing authorities.
“I know many commercial property owners have experienced loss of rental income due to COVID-19,” Garcia said. “Throughout the past year, I have asked property owners to provide me and my staff with information that will assist us in assessing their property’s fair market value.”
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 2021 assessment roll is on July 1.
Garcia encourages property owners to review their individual property values online at http://www.miamidade.gov/pa/. Property owners who have questions or would like to review their assessment with staff may call the offices at 305-375-4712 or schedule an appointment online.
