Miami-Dade properties’ taxable values rose even more than initially estimated: 9.4 percent in the past year to $230.4 billion, led by double-digit increases in Sunny Isles Beach, Key Biscayne, Miami Beach and other cities, according to data released by the county’s property appraiser.
The new figure, which represents the July 1 preliminary certification of taxable values, is above the estimated taxable value of $228.7 billion, which was released June 1. That estimate had represented an 8.6 percent jump from 2014.
As real estate investors continue to fuel the market, the highest increases are found in areas where the bulk of new condominium projects are proposed. The cities with the highest increases in taxable value, according to the latest data, are: Sunny Isles Beach, 16.7 percent; El Portal, 15.4 percent; Key Biscayne, 15.3 percent; Miami Beach, 13.3 percent; Miami, 13.1 percent; Surfside, 12.4 percent; Indian Creek, 12 percent; Golden Beach, 11.6 percent; Bay Harbor Islands, 11.3 percent; North Bay Village, 11.3 percent; and Biscayne Park, 10.8 percent.
“For the first time since 2007, every municipality in Miami-Dade County has seen a value increase,” Property Appraiser Pedro J. Garcia said in a statement. “This growth has been steady with the coastal communities leading the way.”
Source: The Real Deal