Property values surged 8.6 percent across Miami-Dade last year, priming local governments for a windfall in tax revenue in 2016 and offering another measure of a surging real estate market.
New estimates from the county’s Property Appraiser detail the second housing boom under way along the coast, with waterfront cities posting some of the largest gains. Sunny Isles Beach took the top spot, with a 15.7 percent gain. No city saw more valuable new construction than Key Biscayne, which recorded an additional half-billion dollars’ worth of real estate when 2015 began.
Suburban jurisdictions saw less explosive growth, and some Miami-Dade cities fell well below the average. And the countywide total is still about 7 percent below the peak set in 2009. But with property values countywide beating forecasts for 2015, Monday’s report details the fiscal breathing room that a seller’s market can provide.
“We’re seeing a lot of new construction all over,” said Pedro Garcia, the county’s elected property appraiser. “It really was not a surprise. We saw it coming.”
The higher values could put pressure on some elected leaders to roll back tax rates in order to keep actual tax bills from rising next fall. In Miami-Dade, budget officials had forecast a 5.5 percent in taxable value countywide for the 2016 budget year. Existing properties saw their taxable values increase 7.3 percent. An added $2.7 billion worth of new construction boosted the gain to 8.6 percent.
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