Estimates of taxable values at the start of 2016 show Miami-Dade real estate at a new peak, with 8.6 percent growth countywide.
Property values grew 8.6 percent across Miami-Dade at the start of 2016, with real estate values hitting a new record and allowing local governments to reap windfalls in tax revenue for the next budget year.
Every local jurisdiction saw growth in its tax rolls, with North Miami Beach leading the pack at a 16.6 percent gain and Virginia Gardens bringing up the rear with a mere 0.3 percent increase.
The figures also detailed the construction boom unfolding along the county’s coast: Miami Beach added $1.1 billion in new construction at the start of 2016, up from about $270 million in 2015.
While Miami Beach was the leader in new construction in this year, Miami wasn’t far behind at $1 billion. The city added about $490 million of new construction in 2015.
Pedro Garcia, the county’s elected property appraiser, issued a statement touting the numbers as a signal of continued expansion as the real estate market is showing signs of slowing. “The construction boom that is visible across the county has yet to peak,” Garcia said, “and will continue to fuel this growth.”
Property values easily surpassed a forecast of 6.5 percent growth in Miami-Dade’s budget. The countywide gain, combined with an 8.8-percent increase for the county’s unincorporated areas, also will trigger a 4 percent cost-of-living raise for thousands of Miami-Dade’s unionized employees.
The compensation increase was linked to a property-value trigger that Mayor Carlos Gimenez negotiated with five county unions during 2014 labor talks. Should the remaining five unions agree to the same deal during ongoing labor negotiations, the trigger would cost the county’s general operations about $24 million in 2017, according to the budget office.
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