Brickell City Centre’s parent company has filed a lawsuit against Miami-Dade’s property appraiser over a property tax bill.
At issue is the valuation of the three-level Saks store at the mall. The building size is listed at 108,584 square feet in county records.
Miami-Dade valued the building at $18 million for tax year 2018, which works out to around $166 per square foot. The total tax bill for the year was $385,443.
Brickell City Centre claims in the lawsuit that the figure is “arbitrarily based on appraisal practices which are not professionally accepted appraisal practices nor acceptable mass appraisal standards within Miami-Dade County.”
Brickell City Centre Retail LLC is the entity that filed the lawsuit.
The mall is owned by Swire Properties (62.93%), Simon Property Group (25%) and Bal Harbour Shops (12.07%). Bal Harbour Shops has an option, exercisable from 2020, to sell its interest to Swire Properties.