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Miami-Dade County taxable values show increase

by andrewstahl

The 2020 Preliminary Certificate of Taxable Values report, submitted July 1 by Miami-Dade County Property Appraiser Pedro J. Garcia, showed a 5.1% increase in taxable value for 2020.

The taxable value for 2020 in the county is estimated to be at $324,362,997,164, up by over $15 billion from 2019.

New construction accounted for much of the growth and continues to dominate the market while existing properties experienced a decline in taxable value due to a decrease in condominium values. The decrease in these property values represent a downturn in growth for municipalities such as Bal Harbour, N. Bay Village, Key Biscayne and Aventura.

The appraiser’s office noted, however, that Florida law requires appraisers to value every property according to its January 1 value, so the effects of the COVID-19 pandemic have not been accounted for in the report.

“I will do everything in my authority to assist property owners who are struggling during these unprecedented times,” said Garcia in the report. “As the real estate market changes during 2020, my office will consider these factors and make the necessary corrections permitted by law.”

Garcia encourages property owners to review their property values online at http://www.miamidade.gov/pa/

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