We have witnessed an incredible two years in the Miami Dade County real estate marketplace. There are scarcely homes on the market and they are selling for top dollar. These gains must come at a price and that is property taxes. Tax increase numbers were announced via the Miami Herald and the Miami Dade tax appraiser’s office last week and there were some astounding numbers in the luxury market. Keeping in mind that if the taxes increase, so do your property values, if you are looking to sell, you will get optimal pricing.
The steepest increases were felt in the highest luxury neighborhoods, with the lowest density of homes or condos. So given that criteria, Indian Creek witnessed incredible gains of 19.5%. Next highest in increases was Bal Harbour whose increases were 15.14%. Sunny Isles was the third highest with an increase of 10.32%. Next year, with the coming inventory in Sunny Isles with the developments of Porsche Design Tower and Mansions at Acqualina, it will be interesting to see the resulting tax effects. If you are a resident in these areas, it is an excellent time to sell. If you are a permanent resident in this area, make sure you check to see if you qualify for homestead exemption. Great news!