Real Estate Boom in Miami-Dade: Taxable Property Values Surge by $43 Billion

Monday, June 10, 2024 by Ava Castillo

Real Estate Boom in Miami-Dade: Taxable Property Values Surge by $43 Billion
Miami-Dade - Image © CiberCuba

The Miami-Dade real estate market has witnessed a remarkable increase in the value of its taxable properties over the past year. According to an official report from the county's Property Appraiser's Office, total taxable values now reach $469 billion, marking a $43 billion rise compared to 2023.

This growth is partly fueled by new constructions, which have contributed $6.1 billion to the overall increase. In percentage terms, the total taxable value in Miami-Dade has surged by 10% in the last year and an astounding 53% since 2019, the year before the pandemic.

Impact on Tax Revenues and Public Services

For real estate assets like houses or apartments, the taxable base represents the property value used to determine the total tax payable. This increase in the taxable base implies a proportional rise in county tax revenues, allowing for greater investment in infrastructure and public services.

In May, the 2023 balance from the Miami Association of Realtors indicated that the city attracted buyers from 52 different countries. The leading investors in this sector are from Colombia (15%) and Argentina (14%).

Official data highlights that Florida continues to establish itself as a magnet for foreign investors interested in the U.S. real estate market. The trend of growth in taxable values has been consistent over the past few years. Since 2019, the total value has shown significant annual increases, solidifying Miami-Dade as a booming real estate market.

Frequently Asked Questions about Miami-Dade's Real Estate Boom

Given the recent surge in taxable property values in Miami-Dade, many individuals have questions about the implications and future prospects. Below are some common questions and answers to help provide clarity on this topic.

What contributed to the $43 billion increase in taxable property values?

The increase is primarily due to new constructions, which added $6.1 billion, and a general rise in property values across the county.

How will the increased taxable base impact county tax revenues?

The increased taxable base will lead to higher tax revenues, enabling more investment in infrastructure and public services.

Who are the main foreign investors in Miami-Dade real estate?

The main foreign investors come from Colombia and Argentina, making up 15% and 14% of foreign buyers, respectively.

© CubaHeadlines 2024

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