Certification of Taxable Values in Miami-Dade shows strong growth in real estate market
MIAMI – The 2023 Preliminary Certification of Taxable Values in Miami-Dade continue to show strong growth in the real estate market.
The countywide taxable value for 2023 shows an increase of 12.7% growth when compared to 2022.
These values will be used by taxing authorities to prepare upcoming budgets and determine their proposed millage rates.
The new construction value for the county increased just over $6 billion with the City of Miami continuing to have the largest increase in new construction with over $1.4 billion in growth.
“This year’s unprecedented record growth of almost $48 billion of taxable value has provided our local taxing authorities with a windfall. However, I am concerned with the average homeowner and small businesses that may struggle with increased property taxes. The county and many cities saw significant growth; therefore, I’m asking our local governments to consider a reduction in their tax rates,” said Property Appraiser Garcia.
How will this affect you?
The 2023 Preliminary Certification of Taxable Values allows the taxing authorities to prepare the 2023-2024 fiscal budgets and adopt proposed millage rates, which will appear on the Notice of Proposed Property Taxes mailed to all county property owners by August 24.
The notice provides property owners with their proposed property taxes and exemption benefits information.
Property owners who have questions or would like to review their assessment with staff may call 305-375-4712 or submit queries by visiting www.miamidade.gov/PASubmit.
