South Florida Property Owners Should Be Prepared to Pay More in Taxes (2020)
Despite the COVID-19 pandemic, taxable property values have risen across Palm Beach, Broward and Miami-Dade counties. As a result it is anticipated that individual property taxes will increase unless the government officials reduce the millage rates.
According to Florida law, property appraisals are conducted in January which reflected the state of the real estate market pre-coronavirus. If the valuation occurred today, most residential property values would remain consistent but commercial properties like hotels, office buildings, retail shopping centers and free-standing restaurants would likely see a decline in their valuations due to lost revenue and tenant closures.
2020 Countywide taxable property values based on preliminary estimates are as follows:
- Palm Beach County: Increased 5.5% to $209.5 billion
- Broward County: Increased 6.14% to $211.264 billion
- Miami-Dade County: Increased 4.6% to $322.783 billion