We have some great news to report as head into the weekend: the year continues to be a positive one for Miami-Dade County with property values increasing by more than eight percent during the beginning of 2016. Five billion in new construction was responsible for boosting tax rolls to new levels, allowing governments to enjoy the revenue perks for the next budget year.
Each and every local jurisdiction managed to see taxable real estate value growth, with North Miami Beach seeing the greatest amount of gains at over sixteen percent while Virginia Gardens had the smallest gains of 0.3 percent increase.
In terms of the construction boom, Miami Beach added over $1 billion of new construction at the beginning of the year, a considerable improvement from 2015’s $270 million. Although the barrier island managed to lead the pack in new construction, the city of Miami was close behind at $1 billion. Miami added over $480 million of new construction last year.
Property values have blown past the forecast of 6.5 percent growth in Miami-Dade’s budget. The county’s property appraiser suggests the numbers are an indicator of continued real estate expansion thanks to a construction boom that has yet to peak.
This update is brought to you by Julian Johnston of Calibre International Realty. Julian specializes in as well as Miami Beach luxury condos like Apogee South Beach, the two Continuum buildings, the Portofino Tower, and more. Call (305) 502-3985 for any questions about Miami real estate or Miami Beach real estate.
