Are we reaching bottom on the property value bubble burst, poised for a rebound?
Miami-Dade Property Appraiser Pedro Garcia released the June 1, 2011 estimate of property values to the County’s taxing authorities which include county government, the 35 municipal governments, School Board, Children’s Trust and the State regional districts. The release of this estimate is the initial phase of the various budget preparations for the 2011-2012 budgets.
Property Appraiser Pedro Garcia explained in his official Miami-Dade County Property Appraiser’s Press Release that:
The 2011 June 1st estimates reveal a mixed picture of property values. For the fourth straight year, overall values declined, but some areas fared better than others. In Coral Gables and Pinecrest, for example, there were signs of values stabilizing and even appreciating. Other areas, such as Florida City and Homestead, continued to see significant declines.
Read more (click below) to review some city by city breakdowns as well as links taking you to the full official press release and a full chart covering all of the taxing authorities.
OK, for those to lazy to click and read more, Pinecrest led the South Dade rebound with an estimated increase of 0.8 %. South Miami was second with a -1.7% drop, Cutler Bay had the best rebound from 2010 with an estimated -2.0% drop and Palmetto Bay’s estimated reduction in value is -2.4%. These numbers are estimates. Final numbers are released July 1st.
% of change
0.0% Coral Gables (no statistical change anticipated from current year)
-1.7% South Miami
+0.8% Pinecrest (estimated increase in taxable value)
-2.4% Palmetto Bay
-2.0% Cutler Bay
-6.0% Unincorporated Miami-Dade
-3.3% Miami-Dade County (Countywide) (affects all property taxpayer in Miami-Dade
County regardless of which municipality or unincorporated area the property is
Remember, these are estimates. The final property tax roll is announced one month later, on July 1st, 2011.
CLICKHERE to read the full Miami-Dade Property Appraiser Pedro Garcia official press release
CLICKHERE to download and review the full comparison chart for each taxing district. Provides much more detailed information for the partial listing above.