The Real Deal Miami

Property values climb across South Florida

June 03, 2013 03:00PM

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monterra

Monterra in Cooper City

The counties of Miami-Dade, Palm Beach and Broward are feeling a rise in property values, measured by the estimated taxable value of residential and commercial property, according to county appraisers’ data.

For the second straight year, property values in Miami-Dade grew. The tax roll went from $190.69 billion last year to $196.61 billion, an increase of 3.1 percent countywide. On average, values rose 2.5 percent, the Miami Herald reported.

However, the increase is lower than the 3.5 percent increase that Mayor Carlos Gimenez expected. In the small island town of Indian Creek, which is home to some of the priciest real estate in the region, values spiked by 19.5 percent, from $360 million to $431 million. Commercial property values remained flat.

In Broward County, 30 cities, all except for Lazy Lake, posted a gain in values, the Sun-Sentinel reported. Values rose on average 3.9 percent and the countywide tax roll increased 4.4 percent, to $132 billion. Thanks to a new $45 million, 500-acre residential development called Monterra, Cooper City saw an 8.6 percent increase.

As for Palm Beach County, property values have risen 3.7 percent this year, following last year’s growth of less than 1 percent, the Sun-Sentinel said. Prior to last year, values had been dropping annually since 2006. Countywide taxable property values are up to a projected $129.7 billion. [SunSentinel and Miami Herald] —Mark Maurer

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