Property Values in Miami have increased since last year at approximately 3.1% county wide. For the past two years values have increased and this is wonderful news for homeowners. Those most likely to see their values increase were urban core properties, such as Mid-Town and Brickell and Ocean Front properties, such as the properties we feature on our site. The tax roll grew from $190.69 billion last year to $196.61 billion this year as well. It is not only individuals and foreign entitities investing in Miami Dade county either, increasingly we are witnessing hedge funds investing and developers coming back into play. These figures are subject to change in the coming months, but there are a number of implications that these initial numbers relay.
The areas that increased the most vary widely, but above any other, luxury communities gained the most. Indian Creek, one of the most exclusive enclaves of Miami, values increased a dramatic 19.5% from $431 million last year to $360 million. Bal Harbour increased by 15.4%, and Sunny Isles Beach increased by 10.2%. The areas that felt dips were Florida City, Opa-Locka, and Hialeah. Experts are on the fence about whether the growth is sustainable or how long it will last. Some believe that with building and continued investment the growth will continue over the next three to five years, and others believe increases in mortgage rates and interest rates will slow growth. If you are looking to see your homes assessed value, visit the Miami Dade Property appraisers website and remember to check if you qualify for a homestead exemption.