Yahoo Finance Miami Shores, Hialeah property values are up more than 10%. One town climbed even higher
Real estate values in Miami-Dade remain sky high, with no signs of cooling, according to the latest property values report from the county appraiser’s office. All 34 municipalities saw values increase as of early 2024.
Taxable property values across Miami-Dade rose an estimated 10% by the end of 2023, from a total valuation of $425.8 billion to $468.6 billion, figures that include existing commercial and residential buildings, as well as new construction. Those increases reflect property values as calculated at the start of 2024 for the county’s 34 municipalities as well as unincorporated Miami-Dade, according to the report, which was released late last week. It’s the third consecutive year of high growth after 2023 saw a 12.3% increase and 2022 saw a 10.2% increase.
Values rise based on the volume of sales, prices and new construction. In the past, some municipalities experienced declines, which usually indicated a trend in demolitions and a sign of developers clearing land for new projects the following year.
The latest report shows the resilience of Miami-Dade’s retail spaces, offices, warehouses, multifamily apartment buildings, condominiums and single-family housing. At a time when real estate faces headwinds nationwide, local population growth can be credited with sustaining the South Florida market. Demand continues to lead to major investments in commercial real estate — especially for warehouses — and to historically high sales prices. The median sales price for a house is now $654,000 in Miami-Dade.
“We get a lot of people moving in from the Northeast area of the country, including Boston, New York, California,” said Pedro J. Garcia, the Miami-Dade property appraiser. “What happened during COVID was a lot of people realized they could move to Miami and work from home. People started making moves to this area. We don’t have any state taxes. That’s another help for people with a lot of money.”
Longtime homeowners may face a challenge moving forward with the new increases. The county would receive roughly $42.8 billion from the change if the millage rate remains the same. However, Garcia said he hopes the county commission and other taxing authorities lower their millage rates to reduce the burden of a large increase. Miami-Dade County leadership will announce its plans this summer.
“It impacts everybody that doesn’t have homestead properties,” Garcia said, referring to properties with a homestead exemption, which have a 3% cap on property tax increases. “For those people, it’s a tremendous amount in taxes.”
Cities with big property value increases
All existing real estate within each of Miami-Dade’s municipalities experienced property value increases, with Sweetwater bottoming out the list at 0.5%. Among the 34 cities and the unincorporated area, eight saw property values rise above the 10% county average. El Portal topped the list with a year-over-year rise of 13.5%, followed by Indian Creek (12.9%), Surfside (11.5%), Biscayne Park (11.5%), Miami Shores (11.4%), Virginia Gardens (10.9%), Golden Beach (10.6%) and Hialeah (10.4%).
Owners holding their breath for the market to cool may be waiting a long time. Garcia said he expects property values to continue to increase again next year, given that population forecasts look positive and demand remains strong for residences.
“We don’t see any slowdown of people buying and selling property in Miami-Dade. That’s what we’re checking every day,” said Garcia, who added that the pandemic had a noticeable impact on demand. “I have been involved in real estate for over 50 years. What happened in Miami is amazing. We have nothing that we could prepare for this.”
Miami Herald reporter Doug Hanks contributed to this story.
