From the fall issue: These days, there is certainly no love lost between Miami developers and the county’s Property Appraiser’s office. Increasingly, the groups are battling it out in court over assessment values.
Take, for example, the case of a North Miami Beach strip mall located at 14750 Biscayne Boulevard. In December 2015, the mall’s owner convinced the Miami-Dade County Value Adjustment Board that the previous year’s property assessment of $15.2 million was too high. The board slashed the market value given to the 107,000-square-foot property by nearly half, to $7.6 million. As a result, Arena Shops, the company that owned the shopping center, was owed a significant property tax refund. [more]