Key Biscayne’s home value increase10 percent, now officially past the $9 billion dollar mark | Key Biscayne
Key Biscayne’s 2022 preliminary taxable value climbed even higher Friday as Miami-Dade County Property Appraiser Pedro J. Garcia submitted the official Preliminary Certification of Taxable Values to taxing authorities.
The Village’s total estimated taxable value before new construction (including homes and businesses) came in at $9,096,495,184, a 10% change from 2021 (when it was $8,269,112,147), and lower than the county’s average of 11.8%.
A month ago, in the preliminary report, Key Biscayne’s total taxable value was at $9 billion, up 8.8% from last year.
“After dealing with three years with declining value and last year under 1% up, now we’re seeing (10%),” Chief Financial Officer Benjamin Nussbaum said when the previous data was released. “That’s indicative of a strong real estate market, and home prices being up.”
Key Biscayne’s taxes — the lowest in Miami-Dade County when included with the overlapping county taxes — for 2022 won’t be known until September as Village officials examine what shortcomings the city needs to provide the necessary services.
“We start with expenditures, what it will cost us,” explained Nussbaum, who referred to tax as sort of “the filler.” “It’s too early to say what the (2023) tax rate will be; we’ll see what we need,” he added.
Key Biscayne’s total property taxable value ranks ninth among Miami-Dade’s incorporated municipalities. All 36 municipalities showed increases, reflecting a strong growth in the real estate market.
Areas such as Sweetwater (61.6%), Florida City (32.8%), Normandy Shores-Miami Beach (22.8%), Golden Beach (20.3%) and Miami Gardens (20%) showed the biggest increases.
Large construction values in Sweetwater and Miami Gardens were due to annexations.
Comparing other nearby areas to Key Biscayne: Coral Gables’ estimated taxable value climbed 10.9%; Pinecrest was up 12.8%; and Miami Beach up 11.2%.
The lowest change was reflected in Miami Springs (8.4%), while the City of Miami came in at 12%.
The countywide taxable value for 2022 is $377,897,396,044, an increase of $39,928,701,694, or 11.8% as compared to 2021.
Taxing authorities will use these preliminary taxable values to prepare their upcoming budgets and determine their proposed millage rates.
Countywide, new construction value increased over $5.8 billion, continuing a trend over the past few years. The City of Miami had the largest increase in new construction with approximately $1.7 billion.
“I’m glad to see we have a strong real estate market,” Garcia said, when the preliminary data was released. “However, I am concerned for the average homeowner. With an increase of over $34 billion in taxable value, most homeowners will see an increase in their property taxes. I urge all taxing authorities, such as the cities, county and school board, to reduce their millage rates in order to help the average homeowner.
“A small reduction of 3% in the tax rate can make the difference between a tax increase and no increase for homeowners.”
This year, Key Biscayne’s Village Council approved a 3.199 millage rate. A couple of budget workshops will “set the tone” for capital expenditures and operating expenditures, before two readings come before the Council.
Overall, Key Biscayne’s property tax rate of 1.64% is the lowest in Miami-Dade County, just ahead of Bal Harbour at 1.74%. Biscayne Park (2.52%), El Portal (2.39%) and Miami Shores (2.36%) are at the top of the list, while the City of Miami is at 2.12%.
The 2022 Preliminary Certification of Taxable Values allows the taxing authorities, such as county government, municipal governments, the School Board and The Children’s Trust, to prepare their 2022-2023 fiscal budgets, and adopt proposed millage rates, which will appear on the Notice of Proposed Property Taxes (commonly referred to as TRIM Notice) mailed to all property owners by Aug. 24.
This notice will provide property owners with their proposed property taxes and exemption benefits information.
Property owners are encouraged to review their individual property values online, click here.
Those who have questions or would like to review their assessment with staff may call the Property Appraiser’s office at 305-375-4712 weekdays from 8 a.m. to 5 p.m. or schedule an appointment online by clicking here.
