Miami-Dade County Releases June 1st Taxable Value Estimates
In a press release issued on June 1, 2021, the Miami-Dade County Property Appraiser, Pedro J. Garcia released the 2021 June 1st estimate of taxable values to the taxing authorities. 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 2021 assessment roll is on July 1st.
Despite the challenges associated with the COVID-19 pandemic, the taxable values within Miami-Dade County increased 3.6% to $335,912,000,000 as compared to 2020. According to the press release, new construction offset weaknesses in certain markets around Miami-Dade. There was just over $5 billion in new construction taxable value added to the tax roll in 2021 as compared to $7 billion for 2020.
Although specifics are not available yet, the press release discusses the overall affect that the COVID-19 pandemic had on properties in Miami-Dade County. “The unprecedented COVID-19 crisis in 2020 affected the real estate market, especially commercial properties. However, residential single-family home values remained strong. Although single-family home sale amounts showed significant increases over this past year, the decline in certain commercial property values due to COVID-19 and the continued decline in condominium values has affected the overall market values for many of the taxing authorities.”
Mr. Garcia also stated “I know many commercial property owners have experienced loss of rental income due to COVID-19. Throughout the past year, I have asked property owners to provide me and my staff with information that will assist us in assessing their property’s fair market value.” Details of the June 1st estimated taxable values can be reviewed on the Miami-Dade County Property Appraiser’s Website.
The amount you will pay in property taxes during 2021 is directly based on the County’s opinion of the Fair Market and Assessed Value for your property. With property values on the rise amidst the challenges presented by the COVID-19 pandemic, it becomes imperative to have a skilled property tax consulting firm assisting with the review of your annual Fair Market Values to ensure values are fair and equitable.
The Property Appraiser’s Office is in the process of finalizing their 2021 Fair Market Values now with their “Working Values” being shown on their website. If you feel the value of your property is too high or just wish to have an independent review, we encourage you to call Nick Mau at (954) 906-8066. You may also email Nick at firstname.lastname@example.org.
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.