3.9 Percent Rise in Property Tax in Miami-Dade County

12 July 2013

The property tax rate rose to 3.39 percent in Miami-Dade County. This was the second time the tax grew since the real estate crash in the past.

Despite the increase, however, several areas of the county remained strong and posted significant gains, showing further that recovery still remains steady.

According to Carlos Lopez-Cantera, property appraiser of the Miami-Dade County, the taxable value of real estate a year ago totaled $197,133,835,984. After June, the taxable value gained significant growth, putting it at as much as 3.1 percent.

Miami itself reported a 4.47 percent increase in its taxable value, totaling at $32.74 billion. It will likely increase further with the surge of constructions all over the city as developers respond to the ongoing demand for new homes.

The increase in taxable value only signifies an increase in budget. The budget director for Miami foresees a surplus of more than $700,000 next year if the increase maintains its ground.

Several other areas of the county experienced gains. Indian Creek posted a 19.5 percent despite having no new real estate projects. Bal Harbour also increased by 15.14 percent. Yet one area that saw a good economic activity is Sunny Isles, which reported a 10.32 percent increase.