Taxable property values in Miami-Dade keep growing, but momentum is easing — and condos are dragging down the market, according to the property appraiser’s latest estimates for 2025.
The estimated taxable value for real estate countywide reached $511.8 billion, an increase of 8.5 percent, year-over-year. That includes an additional $40.2 billion in taxable value compared to 2024, according to the office of Miami-Dade County Property Appraiser Tomás Regalado. New construction represents about $8.2 billion.
Last year, taxable property values countywide rose nearly 11 percent, year-over-year, to $471.5 billion.
The real estate market appears to have “stabilized,” Regalado said in a press release. He urged elected officials to consider reducing their tax rates to “alleviate the housing crisis.”
Though the median price of homes has been on the rise for years, price growth has also slowed across South Florida. And residential sales have declined.
The property appraiser’s office will release the final taxable property values in July.
El Portal experienced the biggest estimated increase this year on a percentage basis, up 33 percent to $412 million.
Indian Creek, the exclusive island town that is home to properties owned by Jeff Bezos, Tom Brady, Ivanka Trump and Jared Kushner, and others, saw the second largest percentage increase in taxable property values: up 23 percent to $1.2 billion. That likely includes the addition of Brady’s waterfront estate at 26 Indian Creek Island Road.
Miami Beach’s taxable property values are estimated to have grown nearly 7 percent to $60.3 billion, marking the city with the highest total value following the city of Miami.
The property appraiser’s office separates the city of Miami into the area defined by the Downtown Development Authority and the rest, for a total taxable value of $135.9 billion, up about 9.5 percent, year-over-year.
Growth also slowed in Coral Gables, where taxable property values are estimated at $1.3 billion, up 5.4 percent, year-over-year. Values grew 8.5 percent in Coral Gables the previous year.
Condos are the weakest point, experiencing a decline of less than 1 percent, year-over-year, the Miami Herald reported.
The aging condo market in South Florida has been struggling, as condo owners comply with laws passed after the deadly Surfside condo collapse in 2021. Many owners in older buildings are on fixed incomes and can’t afford to pay for required repairs, higher insurance costs and maintenance.
Click below to see how each city fared:
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