Local governments will have a lot more money to spend this year, thanks to a construction boom and record property values.
According to a Dade Property Appraiser estimate issued today, $5 billion in new construction was added to tax rolls over the past year:
$1.156 billion in Miami Beach
$1.035 billion in Miami
$598 million in Sunny Isles
$476 million in Doral
$367 million in Miami DDA
Dade property values are now above $250 billion – a new record in nominal terms ($4 billion above the previous peak in 2008). They have increased about $20 billion (8.6 percent) over the past year, and $64 billion since 2011.