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Miami-Dade County releases 2020 June 1st Taxable Value Estimates
The Honorable Pedro J. Garcia has released the 2020 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 2020 is $322,783,000,000, a 4.6% increase from 2019. Of note, is the fact that the bulk of this value increase is due to new construction with over $7.7B added to the tax roll via new construction. The final 2019 County-Wide taxable value was ~$308B while the 2020 estimated taxable value before new construction is ~$315B. Once the new construction is added, the total 2020 estimated taxable value is ~$322B.
West Miami and Florida City lead the way with 12% and 11.2% year-over-year increases respectively. These were followed by Hialeah at 9.6% growth and North Miami with 9.4% growth. Consistent with the much of the increases throughout the County, the bulk of these year-over-year increases were due to new construction properties being added to the tax roll. However, not all the news was rosy, there were a number of taxing authorities that saw significant decreases. Notably, Bal Harbor and Aventura each saw decreases in taxable value of -4.2% and -3.2% respectively. Sunny Isles Beach saw a decrease of -5.3% before new construction of over $941M was added.
To see the list of taxable values by taxing authority visit the Miami-Dade County Property Appraiser’s Website. If you would like to inquire about the preliminary 2020 value your property(s), please feel free to reach out to me directly at n.mau@first-pointe.com. You can also learn more about the June 1st Estimates and what they mean on our last blog post.
The amount you will pay in property taxes for 2020 is directly based on the County’s opinion of Market and Assessed Value for your property. With property values on the rise amidst the challenges presented by the COVID-19 pandemic, it is important for a qualified property tax professional to review and analyze your properties to ensure that your values are fair and equitable. If you feel the value of your property is too high or just wish to have an independent review, then we encourage you to call us at (954) 282-2005 or email Brian at b.depotter@first-pointe.com or Nick at n.mau@first-pointe.com.
FirstPointe Advisors, LLC is a full service ad valorem tax service provider. We provide you with the experience of a national firm with a regional focus. At FirstPointe Advisors, LLC, you come first. We strive to provide innovative solutions to your property tax needs. With our experience and first class client service, we will create an easy review and appeal process for you. Our experience spans across Florida’s 67 counties in representing owners of residential and commercial properties.
