Property Appraiser Releases June 1st Estimates for Miami-Dade County
2018 Values Continue to Increase
The Miami-Dade County Property Appraiser, Pedro J. Garcia, has released the 2018 June 1st Estimates of Taxable Values to the Taxing Authorities showing a continued growth in the real estate market. The countywide estimated taxable value for 2018 is $288,859,000,000, a 6.0% increase from 2017.
New construction continues to drive the real estate market in Miami-Dade County, with over $5 billion being added this year. The Surf Club located in Surfside was the single largest project to be completed in 2017 with an assessed value of approximately $1 billion, and the City of Miami had a combined new construction amount over $1.4 billion. Other cities such as Doral, Aventura, North Miami Beach, and Bal Harbour also reflect a significant amount of new construction.
However, we are beginning to see the effects of market corrections, primarily with condominiums and high value single family residential properties, such as in Key Biscayne and Sunny Isles Beach. In some cases, the new construction value helped offset overall value reductions of existing properties in Bal Harbour, Surfside and Aventura.
“We continue to see the same market trends as last year, with an oversupply of condominiums putting downward pressure on condo values. However, a relative short supply of mid-range single family homes has increased property values, making it more difficult for working families to afford a new home,” said Property Appraiser Garcia.
The June 1st estimate is provided to the taxing authorities to assist them with their budget preparations. However, the values released on June 1st are only estimates, which are subject to change. The official certification date for the 2018 assessment roll is on July 1st.
Property Appraiser Garcia encourages property owners to review their individual property values online at http://www.miamidade.gov/pa/. Property owners who have questions or would like to review their assessment with staff, can visit our office in Downtown Miami (111 NW 1st Street, 7th Floor) or the South Dade Government Center (10710 SW 211th Street, 2nd Floor), Monday through Friday, from 8 a.m. to 5 p.m. They can also schedule an appointment online or call us at 305-375-4712.