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Miami-Dade County 2023 Estimated Taxable Values
On June 1st, 2023, Property Appraiser Pedro Garcia released estimates for the 2023 tax year Taxable Values for Miami-Dade County. These numbers are preliminary and are released to assist taxing authorities in preparing their annual budgets. Nevertheless, it gives us insight into what we can expect from them for the 2023 tax year.
The June 1st report emphasizes a continuation of the trend we’ve seen over the last couple of years: large value increases throughout the county. Out of the 36 taxing jurisdictions, 27 saw double digit value increases. Among the highest are Medley, with a 62.2% year-over-year increase (50.1% before new construction is added), followed by Normandy Shores and Florida City, with increases of 27.3% and 19.9%, respectively. According to the press release, the countywide estimated taxable value for 2023 is $424.2 billion; an increase of over $46 billion (or 12.3%) when compared to 2022. It also shatters 2022’s record year-over-year increase of $39 billion. Baked into the increase in the overall taxable value for the County is nearly $6 Billion in new construction projects coming online for the first time. The areas with the largest concentration of new construction are unsurprisingly, Unincorporated Miami-Dade County ($1.689 Billion) and the City of Miami ($1.376 Billion), with Sunny Isles Beach ($656 Million), Coral Gables ($423 Million) and Medley ($390 Million) rounding out the top five. Details of the June 1st estimated taxable values can be reviewed on the Miami-Dade County Property Appraiser’s website.
Overall, only 9 of the 36 taxing authorities in Miami-Dade County saw increases in the single digits. In his press release Mr. Garcia acknowledged that, “The steep increase in values… will force many to pay higher property taxes, which many cannot afford”. He is advocating for a 3% reduction in millage rates to alleviate the challenging tax burden many residents and businesses are facing.
The amount you will pay in property taxes for 2023 is directly based on the County’s opinion of Market and Assessed Value for your property as of January 1st, 2023. With the ever-changing market and property values on the rise for most property types, 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 Nick Mau at n.mau@first-pointe.com.
The Florida Department of Revenue will now review and approve the tax roll for the 2023 tax year. The TRIM Notices will be sent out to the property owners in mid-August with the appeal deadline to follow 25 days after the mailing of the notices.
FirstPointe Advisors, LLC is a full-service ad valorem tax service provider. Our management team has the experience to manage both large national engagements along with local and regional clients. 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. Our Purpose is to be your trusted partner and advisor on all property tax related matters. Together, we can better position you and your company to achieve your financial goals.
