The Real Deal Miami

Falling property values in South Florida lead to budget cuts

June 10, 2009 03:11PM

Miami-Dade County’s new property appraiser Pedro Garcia said yesterday that South Florida property values are down around 10 percent and are expected to drop even lower next year. In Miami-Dade County, property values are down 9.2 percent, and in Broward County they are down 11 percent. In order to fill the hole left by plummeting property values, Miami-Dade’s county manager is directing every county department to cut its budget between 3 and 15 percent.