During this past year, many businesses in the community have experienced financial hardship.
As the Office of the Property Appraiser prepares to assess the 2021 fair market value for all properties in Miami-Dade County, Property Appraiser Pedro J. Garcia is ready to help commercial property owners. The office has mailed out important information to commercial and industrial property owners in Miami-Dade County. Due to the devastating effects of COVID-19, the office is encouraging property owners to submit financial information showing financial losses they may have experienced during 2020.
When assessing the fair market value for certain commercial and industrial properties, the office will consider relevant financial information and local real estate market conditions, such as vacancy rates, rental rates, and expenses as of Jan. 1 of each year.
For property owners leasing property, relevant financial information includes, but is not limited to, the following:
• Lease agreements showing lease terms, unit counts and mix, leasable area, and lease concessions;
• Operating statements for the year ending 2020, including gross rents and expenses. If available, they also may provide professional estimates of market value, derived from a licensed appraiser, listing, contract for sale or closing statement obtained within the last year.
“The effects of the COVID-19 pandemic in the commercial real estate market have been unprecedented,” Property Appraiser Garcia said. “Many property owners relying on rental income to cover operating expenses are struggling or unable to meet their financial obligations. I am dedicated to doing everything I possibly can to assist property owners during these difficult times.”
Property owners are encouraged to contact the office if they have any questions regarding this request by visiting the website at www.miamidade.gov/pa, or they may also make an appointment online to visit in person at offices in Downtown Miami (111 NW First St., Suite 710) or South Dade Government Center (10710 SW 211 St., Second Floor), Monday through Friday, from 8 a.m. to 5 p.m. Property owners also may call at 305-375-4712.