The Real Deal Miami

Miami-Dade’s taxable property values rise 8.2% to $272B

Property values are growing at a slightly slower rate than in previous years
May 31, 2017 06:00PM

A rendering of Brickell City Centre

Pedro Garcia

Driven by new construction, the estimated combined value of properties in Miami-Dade County exceeds $272 billion so far this year, up 8.2 percent from 2016, according to the county’s Property Appraiser Pedro J. Garcia.

Garcia’s office just released the June 1st estimates of taxable values, which include more than $8 billion of new construction throughout the county – a combined assessed value of more than $1 billion. Brickell City Centre, which Swire Properties completed in November, was the largest project to be completed this cycle in the city of Miami, according to the release.

Property values grew the most year-over-year in West Miami (28.2 percent), Surfside (26.5 percent) and Bal Harbour (19.8 percent), according to the estimates.

Despite the increases, Garcia said in a press release that values are growing at a slower rate than in previous years. “We are starting to see a relative weakness in the market, especially with condominium properties,” he said.

From 2014 to 2015, property values were up 9.4 percent to $230.4 billion, and from 2015 to 2016, they were up 9.1 percent to a previous record high of $251.3 billion.

Garcia will release the 2017 assessment roll on July 1.

Here’s a full list of the estimates:

Click to enlarge

– Katherine Kallergis