Property Values Unstable In South Florida
MIAMI (CBSMiami.com) – The latest property appraisal numbers from Miami-Dade and Broward Counties showed a mixed picture with some areas stabilizing while others continued to decline.
The preliminary estimates on taxable values will give both counties a better view of the size of the budget gaps they will be facing in the coming budget year.
Overall, the taxable values of properties in Miami-Dade stood at $185,941,000. It’s a 3.3 percent drop from last year’s taxable values of $192,347,808.
Miami-Dade County reported that properties in Coral Gables and Pinecrest were slowly starting to stabilize; while other areas like Florida City and Homestead continue to post significant drops in property value.
Hialeah saw a drop of 6.5 percent in taxable value, while North Miami, Medley, North Bay Village and Miami Gardens all dropped by at least 7 percent from 2010 levels.
In Broward County, West Park was the biggest loser with values dropping by just under 9 percent, followed closely by North Lauderdale which saw values drop by 7.4 percent from 2010.
Other areas like Pompano Beach, North Lauderdale, Lauderhill, Deerfield Beach, and Oakland Park all dropped by at least 4 percent compared with 2010.
A few areas in Broward did see their values increase, including Parkland, Sea Ranch Lakes, Weston, Lazy Lake, and Cooper City.
Broward County pegged some of the problems with values on the national economy and the “robo-signing” scandal that reduced foreclosures temporarily.
Broward Property Appraiser Lori Parrish said that a “revival of these stalled lawsuits could cause some further slide in the values in the coming year if more properties become abandoned or are rapidly dumped upon the market.”