Double-Digit Increase In City Of Miami Property Values Over The Past year

Existing property values in Miami jumped over the last year, and the county added billions of dollars worth of new construction thanks to the housing boom.

Countywide, taxable values were up 8.6 percent, well above a 5.5 percent forecast. That includes a 7.3 percent increase in the value of existing property, along with $2.7 billion worth of new construction.

Highlights include:

  • Miami: $465 million in new construction, along with a 10% increase in the value of existing properties (11.2% combined)
  • Sunny Isles Beach: $285 million in new construction, along with a 12% increase in the value of existing properties (15.7% combined)
  • Miami Beach: $256 million in new construction, along with an 11% increase in the value of existing properties (12% combined)

Values are now just 7% below the 2009 peak, and local governments, which now have smaller staffs, may be pressured to cut taxes.