MIAMI (CBSMiami) – Reversing three straight years of declines, Miami-Dade County saw a modest increase in taxable property values for 2012.
County property appraiser Pedro J. Garcia said the overall increase was 1.98 percent.
“For the first time since I was elected, we can finally say that we can see the light at the end of the tunnel,” said Garcia in a written release.
Garcia said 18 of Miami-Dade’s municipalities saw increases in property values ranging from a modest 1.30 percent in Coral Gables to a significant 11.78 percent in Indian Creek. Bal Harbour saw a significant increase of 35 percent as the result of the new Saint Regis luxury hotel and condo complex. Without this development, Bal Harbour’s growth would have been 3.6 percent more in-line with other municipalities in the area.
“In my opinion, the real estate market has hit bottom and in some areas of Miami-Dade County we are seeing a recovery,” said Garcia.
But it wasn’t all good news. Seventeen cities showed a decline in value but six of them were less than one percent. In those cities with significant declines, such as Florida City (6.3 percent), El Portal (4.13 percent), Homestead (3.8 percent) and Opa Locka (2.36 percent), the declines were less than in the previous three years.
Garcia noted that there was also a slight increase in new construction, but not at the level of the boom years.
“And most important to note, I believe confidence is up in the real estate markets. New large scale development projects are beginning to break ground or in the planning stages,” said Garcia.
In August, property owners will be mailed their Notice of Proposed Property Taxes, commonly called a TRIM (Truth in Millage) Notice, which will reflect the Property Appraiser’s assessment of their individual property values. The TRIM Notice also provides detailed information, such as which exemptions were applied to each property and the dates and times of the taxing authorities’ budget hearings.