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
New construction fueled a significant part of these gains including commercial mixed-use and office development in downtown Miami as well as residential construction as evidenced by The Bristol in West Palm Beach adding more than $442 million to the tax rolls.
Featured Palm Beach County Municipalities
- Boca Raton: $26 billion
- Boynton Beach: $6.6 billion
- Delray Beach: $11.9 billion
- Jupiter: $11.9 billion
- Lake Worth Beach: $2.2 billion
- Palm Beach: $19.9 billion
- Palm Beach Gardens: $13.1 billion
- Riviera Beach: $5.9 billion
- North Palm Beach: $2.4 billion
- Royal Palm Beach: $3.2 billion
- Wellington: $8.9 billion
- West Palm Beach: $14.7 billion
Featured Broward County Municipalities
- Coral Springs: $11.2 billion
- Davie: $10.8 billion
- Fort Lauderdale: $41.2 billion
- Hollywood: $18.5 billion
- Miramar: $10.8 billion
- Parkland: $5.7 billion
- Pembroke Pines: $14.3 billion
- Plantation: $10.1 billion
- Pompano Beach: $14.4 billion
- Sunrise: $8.2 billion
- Weston: $9.2 billion
Featured Miami-Dade Municipalities
- Bal Harbour: $5.2 billion
- Coral Gables: $17.3 billion
- Doral: $14.2 billion
- Hialeah: $12.3 billion
- Key Biscayne $8.1 billion
- Miami: $62.7 billion
- Miami (DDA): $22.5 billion
- Miami Beach: $41.4 billion
- Miami Gardens: $5.3 billion
- Pinecrest: $5.1 billion
- Sunny Isles Beach $11.8 billion
With the resulting gains in values, government officials can utilize the additional revenue to offset losses in sales taxes and other usage fees that occurred during the height of the coronvavirus shelter-in-place orders.
Learn More About the Real Estate Market
To learn more about the residential and commercial real estate market throughout South Florida, please visit the Real Estate Market Reports page on our web site.
Every month our market report page is updated with the latest published reports on the housing market in Palm Beach, Martin, Broward, Miami-Dade and a number of other Florida counties as well as commercial real estate information which is provided by data providers and local market experts.
For All Your Real Estate Needs
Chris and Amy Losquadro remain ready to serve our clients and partners through this trying time. We are able to assist with all of your real estate needs through video conferencing, remote showings, virtual marketing and many other additional tools that allow us to safely conduct business within the CDC guidelines.
If your clients, colleagues or friends are concerned about their real estate holdings, now is the time to contact us to discuss the particular situation and how best to mitigate any upcoming economic uncertainty. We continue to successfully complete transactions and are here for you during this time of need.
Contact us at 561.584.8555 or via email at email@example.com.
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