Miami-Dade County Property Appraiser: “The real estate market has hit bottom”

Taxable property values in Miami-Dade County rose by 1.98 percent this year, according to the 2012 Tax Roll released by Miami-Dade County Property Appraiser Pedro Garcia. The county was led by Bal Harbour, which saw a 35 percent increase in values, caused by what Garcia’s office said was the impact of the new St. Regis Bal Harbour development. It was the first annual increase following consecutive years of declines. “For the first time since I was elected, we can finally see the light at the end of the tunnel,” Garcia said. “In my opinion, the real estate market has hit bottom, and in some areas of Miami-Dade County we are seeing a recovery.” The county saw 18 municipalities boast increases in property values, according to the report. — Alexander Britell