Miami-Dade Real Estate Market Surges to New Heights with a Growth of $471.5 Billion, Powers Up Property Tax … – Hoodline

In a recent disclosure by Miami-Dade County Property Appraiser Pedro J. Garcia, it has been confirmed that the county’s real estate market is continuing to surge. The preliminary taxable values for the year 2024 were certified, showcasing a countywide increase to $471.5 billion – a 10.7% bump from the previous year that could have Miami residents facing heftier property tax bills unless rate adjustments are made, as reported by the Property Appraiser’s office.

Contributing to the growth, new construction in the county added more than $6 billion to the total value; within this figure, the City of Miami alone accounted for over $1.7 billion of the uptick, and despite the backdrop of housing affordability woes, these new additions suggest a relentless onward march of development. Garcia underscored the predicament faced by many locals, stating that “the continued increase in market values is making home ownership difficult, if not impossible, for our average residents” while urging lawmakers to lighten the resultant fiscal load, by considering measures such as rate reductions.

Whilst the rising values bring additional revenue for various taxing authorities such as the county government, municipal governments, and the school board, they present a conundrum of balancing budgets against the financial strain on property owners. The tax rates carved out from these preliminary values will be the foundational figures for the upcoming fiscal year budget 2024-2025 and will be revealed to property owners in the TRIM Notice by August 23.

García is advocating for property owners to actively engage with the valuation process by reviewing their property assessments available through the Property Appraiser’s website and opening communication lines for those with queries or who seek to challenge their assessments; to facilitate this, property owners can contact the appraiser’s office directly or navigate their queries online, demonstrating an initiative to offer transparency and an avenue for recourse amidst a soaring property market.