The 2012 Tax Roll released today by Miami-Dade County Property Appraiser Pedro J. Garcia confirms a modest county-wide increase in taxable property values (1.98%), reversing three straight years of declines. "For the first time since I was elected, we can finally say that we can see the light at the end of the tunnel," Mr. Garcia said at today's new conference.
"Today I can tell you there is good news," Mr. 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." He pointed out that 18 of Miami-Dade's municipalities had seen increases in property values ranging from a modest 1.30% in Coral Gables to a significant 11.78% in Indian Creek. Even more significant was Bal Harbour's 35% increase, a result of the new Saint Regis luxury hotel and condo complex. Without this development, Bal Harbour's growth would have been 3.6%, more in-line with other municipalities in the area.
He acknowledged that 17 cities showed a decline in value but noted that in six of them the decline was less than one percent - statistically flat. And in those cities which had seen significant declines, such as Florida City (6.3%), El Portal (4.13%), Homestead (3.8%) and Opa Locka (2.36%), the declines were less than in the previous three years.
There was also a slight increase in new construction, he noted, albeit not at the level of the boom years. "And most important to note, I believe confidence is up in the Real Estate markets. New large scale development projects are beginning to break ground or in the planning stages."
In accordance with State law, Mr. Garcia has released to the taxing authorities (County Government, the School Board, the municipalities and regional agencies) the official aggregate taxable value numbers for their individual jurisdictions. This certification serves as the official numbers used by the taxing authorities in order to set their budgets and millage (tax) rates.
Mr. Garcia, a Certified General Appraiser with the State of Florida, a realtor for more than 35-years, and Miami-Dade's first elected Property Appraiser, pointed out that as required by law, these 2012 tax roll numbers are based on market conditions and 2011 sales.
In August, property owners will be mailed their Notice of Proposed Property Taxes, commonly called a TRIM (Truth in Millage) Notice, which will reflect the Property Appraiser's assessment of their individual property values. The TRIM Notice also provides detailed information, such as which exemptions were applied to each property and the dates and times of the taxing authorities' budget hearings.