Boom: New Construction In Miami Doubled Last Year; Taxable Values At New Record

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.