$6.1B In New Construction Added In Miami-Dade Over The Past Year

Miami-Dade County Property values rose significantly last year, and new construction helped add to that growth.

Overall taxable values in the county were up 10%, according to an official June 1st estimate released by the county’s Property Appraiser office.

Total taxable property values in Miami-Dade are now at $469B, up $43B compared to 2023. Of that increase, $6.1B came from new construction.

Overall taxable property values in Miami-Dade are up 53% since 2019, the year before the pandemic.

Here’s the June 1st countywide estimated taxable property values in Miami-Dade from recent years:

  • 2024 – $469B
  • 2023 – $424B
  • 2022- $372B
  • 2021 – $336B
  • 2020 – $323B
  • 2019 – $307B

Here’s the amount of new construction added to Miami-Dade County tax rolls over the past few years:

  • 2024 – $6.1B
  • 2023 – $5.9B
  • 2022- $5.3B
  • 2021 – $5.3B
  • 2020 – $7.7B
  • 2019 – $7.2B

 

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Anonymous
19 days ago

And not $1 in new public transit added.

Anonymous
19 days ago

No. It went to some government official pockets as in a perfect third world environment

Anon
19 days ago

Miami has no excuse. Literally tons of up and coming LATAM cities keep adding light rail and modern metro systems to connect their cities meanwhile Miami and the FDOT mafia continue with their one more lane agenda. 🤦‍♂️

Anonymous
19 days ago

Don’t forget the big car dealerships are big lobbyists against transit

Jacques Eatch
16 days ago

got proof of that?

John Duns Scotus
19 days ago

The article above is about taxable property values increasing 53% in the last 5 years in Miami-Dade.
Is there any LATAM city/county/equivalent whose property values have increased that much in 5 years?

FDOT Mafioso
18 days ago

Medellín, CDMX, Montevideo, Tulum

Anonymous
18 days ago

Our Federal tax dollars going to those countries with those cities, who are emptying their jails and sending them to the southern border. Go figure.

Anon
17 days ago

And yet FDOT has enough money to spend billions on worthless highway widening projects that create induced demand and only worsen traffic. 🤡

Owl
17 days ago

Quit snorting bath salts

J.M.
18 days ago

I don’t think any of those cities are known for their mass transit. They are nightmares to get around.

Harold Hutchins
7 days ago

Not true.
Miami has grown more than Medellin.
Montevideo has increased 20% from 2018-2023.

Tulum? C’mon….Tulum, Mexico has 1/2 the population of the City of Miami Beach and about 1/3 of the visitors of that little barrier island.

No points for naming a few LATAM cities.

transplant,
18 days ago

And property values would go even higher with a more robust train system. What’s your point?

John Duns Scotus
17 days ago

Probably not true, but there is no real way to tell.

People are voting with their feet and moving to Miami because the City, County, and State Governments have a winning formula to attract business and people.

Producers are moving in, replacing those who either cannot, or do not want to, produce.

It ain’t broke. Don’t try to fix it.

stephen w
15 days ago

Why would you begin a light rail project that will take 10 years to complete and doesn’t pickup passengers where they are or take them where they are going?

Why not just continue to green-light self-driving initiatives and ease lowering the costs of autonomous transportation?

Why would we try to implement 19th century solutions like rail in a modern city like Miami?

John Duns Scotus
19 days ago

And not a single new roller skating rink.
Yet….buildings get built, property values are skyrocketing and additional housing units are being added.

Do you not see the obvious? Like roller skating rinks, more and more government trains are not necessary.

There is a VERY vocal minority of people who think that government transportation is a NEED instead of a Want.

If the comments on this site are any indication, that VERY vocal minority, IF they were forced to be honest and thoughtful, would admit that Government does not do a good job planning and operating transportation.

transplant,
18 days ago

What in the world? This might be the dumbest comment ever on TNM. Imagine NYC without trains. I can assure you the McDonalds and Dunkin Donuts workers don’t live in Manhattan and aren’t taking a private car every day from the Bronx or Queens.

Using your logic we shouldn’t update the electrical grid or sewage system either. That’s a WANT for the people in the new condos but not a NEED (until they are experiencing blackouts or feces coming up from underground).

Same thing with transportation. We can either update it as we build vertically, or we can wait until it’s unmanageable and have to do something.

Just because buildings keep getting built doesn’t make trains any less necessary. Developers build and sell. They do not hold onto what they build, so they do not care about the long term effects. If they had a buyer, they would build a highrise in the middle of I95.

John Duns Scotus
17 days ago

THE dumbest? You must be new.

Okay….I just did it. I imagined NYC without trains. Sounds dire.
I rode the NYC trains all the time when I was poor and working on Wall Street, and it was an exceptional experience. Of course, I was in my 20’s, I didn’t have any other options. and every cheap ride or burrito was great.

1.7m people on the island of Manhattan (23 sq miles), and
8.3m people in New York City (302 sq miles). That is a lot of people.

450,000 people live in the City of Miami (55 sq miles)
2.7m in Miami Dade County (1,900 sq miles)

Give that Manhattan has 4x’s as many people as Miami in less than 1/2 the space, comparing the two isn’t an honest, or intelligent comparison.

John Duns Scotus
17 days ago

Another bad point to compare government trains to electrical services or sewer services.

The WE NEED crowd wants Peter to pay for Paul’s free government train, even though Peter will never use the train.
In the world of electrical service, Florida Power and Light will likely charge Paul for the electrical service he uses, and Paul for the electrical service that he uses.

Anonymous
18 days ago

It’s not necessary for developers to quickly profit, and current political crowd to stuff their resumes, but it is necessary to get people to live in all those building and grow small businesses.

Chief Supreme
18 days ago

Your decision, Judge Duns, has been remanded to adhere to the precedent laws of reality.

Just as the Tower of Babel faced chaos due to its single-minded construction, Miami’s growth without infrastructure enhancements like a better metro rail system, parks, and safer crosswalks leads to disorder.

John Duns Scotus
17 days ago

Just because you are unaware, uninformed, and uninvolved of the infrastructure enhancements taking place does not mean that greater men and woman are taking care of those things for you sweetheart.

Anonymous
15 days ago

And folks will blame developers for the insane traffic instead of our inept city government for not making the appropriate infrastructure investments

Anonymoose
14 days ago

53% increase in taxable property value

sure as hell hasn’t been a 53% improvement in government services

LKofEnglish
7 days ago

Brightline has made all of this possible and it’s not like there is zero public transit in South Florida quite the opposite. Also need to recognize how important the now very old but more important now than ever Flagler Commercial Railroad has been for all of this.

Anonymous
19 days ago

That black netting hanging off the side of SLS Lux has been there for almost five years. What a joke!!!

yo yo
19 days ago

It’s there to catch people jumping

Cover the Podiums
19 days ago

that’s why podiums shouldn’t be exposed like that. They don’t age well at all and look tacky as hell. They need to follow Coral Gables screening requirements

John Duns Scotus
19 days ago

About 3 years, and it is inexcusable. The contractor, developer, association should just settle the suit, fix the problem and get Fabian Burgos back to repair the damage.

Anon
18 days ago

I think it’s gone now?

Cover the Podiums
19 days ago

And yet NE 2nd avenue doesn’t even have marking on the road is filled with potholes. And Wynwood doesn’t have any pedestrian crosswalks.

anon
19 days ago

NE 2 Ave is getting bike lanes!

Anon
19 days ago

I hope they’re protected with actual plants not tiny spherical bumps and call it a day.

John Duns Scotus
19 days ago

Thank Goodness!
It is a pleasure to mosey along S 1st Street for 30 minutes and count the bike.

Cover the Podiums
19 days ago

source?

anon
18 days ago

There was a public meeting last year where plans were presented. From 20 Street to 36th Street.

Anon
18 days ago

Wynwood needs traffic lights badly and so does Midtown

Anonymous
18 days ago

More traffic lights? How about better programmed traffic lights and improved streetscapes that are proven to indirectly improve safety?

Anon
18 days ago

Wynwood has lots of stop signs that actually delay traffic and so does Brickell surprisingly. In a city that is densifying rapidly the city needs to install traffic lights instead of stop signs to ease the flow of traffic while also enhancing the street scape.

Anonymous
19 days ago

And not 1$ on renovating the river walk and buying new park space in strategic scenic locations.

Anonymoose
14 days ago

If the County pretends it doesnt have the money to buy those islands for sale in the Bay I’m really going to threaten to write a stern letter I’ll never end up writing, let alone sending. But I’ll think about it for a couple of minutes every other day or so and get myself annoyed about it all.

Lynx at Miami Tower
18 days ago

Some of this is inflation not real value added.

Anon
18 days ago

If you compare those figures to their value in terms of the price of gold in the respective years, you get a totally different picture.
$469B of property value in 2024 with gold at $2323/oz is actually less than $424B in 2023 when gold was about $1978/oz.
Compared to 2019 with gold at $1341/oz, $307B of property then was actually worth more in gold than $469B is now!
Likewise $6.1B of “new construction added to the tax rolls” in 2024 is actually less than $5.9B in 2023 and only about half of the $7.2B in 2019 when accounting for the deflated value of the dollar.
Make sure you understand this or you’re getting played.

Jacques Eatch
16 days ago

Nobody gets played like Gold bugs. Pack of losers.

Anonymous
18 days ago

Honestly, that picture exemplifies every shortcoming with Miami21… Giant parking pedestals and blank walls with terrible murals, next to a Burger King.

Anonymous
19 days ago

And no cobble stone crosswalks through Brickell and adjacent roads. No attention to crosswalks, where residents use them.

Anonymous
18 days ago

Cobblestones? This isn’t Colonial-era Manhattan. Augusta brick would be historically and contextually better for streets.

Anonymous
18 days ago

Cobblestone is found throughout the Mediterranean including a French Riviera. Modernize it, just create stone crosswalks that contrast from street, have texture and pitched with clear markings, and unique patterns and designs.

Anonymous
18 days ago

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John Duns Scotus
17 days ago

True !
And no Lamps fueled by whale oil!

This is a travesty! WE NEED cobblestone streets, whale oil lamps, and a good cobbler to repair my boots.

Anonymous
14 days ago

Crosswalks are not ancient relics. They’ve been modernized like the images shown above. Some even have lights built into the ground to help slow down traffic and make the streets look less drab.

SoBeMom
18 days ago

Have property tax rates gone down? If not, how much have the departments increased their budgets.

John Duns Scotus
17 days ago

The milage rate is the percentage assigned to the Taxable Value of property.
There is a County component, a Public Schools component, a city component, and a few others.

If you live in the City of Miami, your milage rate has gone down, but your taxable value has gone up.
The City is putting more money into the budget.
The Property owner is likely paying more dollars in taxes.
With the Homestead Exemption, a residential property owners taxable value can increase 3% per year at that max.

Fern
17 days ago

We should all be proud that our city has the courage to allow change to come to our streets. It’s why we have a bright future. Most other large American cities refuse any new development and they will pay that for that with diminished opportunities

Anonymous
17 days ago

We need more and better public schools. It’s unbelievable how bad public schools are in Brickell despite all the property taxes accounted to that area.

Anonymous
19 days ago

…. and most of it ends up in web of professionals doing studies after studies before seeing any tangible results.

anon
18 days ago

6b of construction = 160 billion of taxable property values lol

John Duns Scotus
17 days ago

The article above is about taxable property values increasing 53% in the last 5 years in Miami-Dade.
This is great news.

Congratulations to the giants upon whose shoulders we stand.

glue kid
19 days ago

need more private schools for wealthy children

Anonymous
18 days ago

And vouchers so businesses that use religion to profit can groom kids with taxpayer money.

lolita
18 days ago

better than public schools grooming kids with adult issues!

John Duns Scotus
17 days ago

Children are rarely wealthy. Children rarely pay their own tuition.

Jacques Eatch
16 days ago

need more private dancers, dancers for money, who will do what I want them to do