Dade property values have been rising fast over the past year, according to a new report from the Miami-Dade Property Appraiser.
Property values in the county are at their highest level ever, breaking both nominal and inflation adjusted levels from the property boom last decade.
New construction helped with the increase this year, but existing property values also rose.
As of June 1, 2019, total property values in the county had an estimated value of $307.2 billion. That is an increase of $17 billion compared to the same time last year, when it was $290 billion.
The rate of increase was 5.9% when including new construction. New construction added $7 billion to tax rolls.
The rate of increase in value for existing property was 3.4%, higher than both inflation and the S&P 500 during the same period.
The city of Miami saw property values increase 9.9%, including $3.2 billion in new construction.