Fueled in part by a continuing construction boom, a new report shows Miami-Dade County’s total property values spiked by 8.6 percent to a record high of more than $250 billion.
The report, issued by Miami-Dade Property Appraiser Pedro Garcia, takes a look at all taxable properties in the county, by municipality, and estimates how values have grown between June 2015 and June 2016.
It shows new construction has brought an additional $5 billion worth of taxable property values to Miami-Dade over the past year, and every one of the county’s municipalities has experienced growth — some by leaps and bounds.
“Like Miami-Dade’s skyline, property values continue to go up,” Garcia wrote in the report. “The construction boom that is visible across the county has yet to peak and will continue to fuel this growth.”
Leading the pack for rising property values is North Miami Beach, which is seeing a renaissance of new development as builders seek affordable waterfront land outside of already-hot neighborhoods like Miami Beach and Edgewater.
Total taxable real estate values in North Miami Beach spiked 16.6 percent from $2 billion to $2.3 billion year-over-year, according to the appraiser’s report.
Not far behind was the ritzy islands of North Bay Village, where estimated values rose 14.7 percent from $911 million to $955 million.
Miami Beach boasted the largest cache of new development of any Miami-Dade municipality, with $1.156 billion worth of buildings going up on the barrier island over the last year. The city’s total real estate values hit $34.438 billion this year, up 12.2 percent from 2015.
Even Doral, once known only for its industrial sites and sprawling suburbs, is getting some love from developers. Roughly $476 million worth of new construction was recorded over the last year, helping push property values there up 9 percent to $11.075 billion.
Interestingly, Bal Harbour was the only neighborhood to report a negative value for new construction, losing $1 million worth of real estate value year-over-year due to demolition.
The appraiser’s report is preliminary and meant to help Miami-Dade’s municipalities balance their budgets, meaning the figures here are subject to change over the next half of 2016.
Even so, Miami-Dade’s total taxable property values have blown past their 2008 peak by roughly $4 billion. These rising figures will be a boon for Miami-Dade’s municipalities as they command higher property taxes from homeowners and landlords.
The report follows news that Miami-Dade’s housing market has begun to slow, which is putting downward pressure on price growth for condos, single-family homes and rentals. That trend could end up impacting future growth for Miami-Dade’s total taxable real estate as home valuations become more realistic.