FORT LAUDERDALE, Fla. — One year into the pandemic, the fallout from the coronavirus hasn’t hurt South Florida’s property values. In fact, the values have gone up with the thriving housing market.
Property appraisers say overall property values saw significant increases across Palm Beach, Broward and Miami-Dade counties. Here’s what to know about how that could translate into higher tax bills this fall.
By how much have values gone up?
In Broward County, home values rose 4.3% from the last year, and increased property values for residential and commercial buildings means more money in property taxes — even if the county and cities keep the rate the same when they plan their budgets this summer.
“Residential properties are very, very strong,” says Marty Kiar, Broward County’s property appraiser. The median single-family home sale in January 2020 was $392,250 and a year later in 2021, the median was $445,000 — a $52,000 growth he called “pretty incredible.”
When the numbers are finally calculated for this coming year, the increase in values could be closer to 2.8%. “But the one thing we can safely say, no matter what, even in the worst-case scenario, the county will likely see an increase in taxable value for this year,” Kiar said, since every city in Broward has an increase.
Palm Beach County’s early projections show values have increased at least 5% since last year, said Tim Wilmath, chief appraiser, through his spokeswoman.
“We anticipate the residential values will increase for the 2021 tax roll as we have seen robust activity in both single family homes, townhomes and condos,” he said in an email, although some commercial property values will drop, such as hotels, movie theaters and some restaurants. Fast-food joints, however, did fine during the pandemic and might not be included.
Similarly, Miami-Dade County is “definitely seeing an increase” of sales prices, which means higher values, said Deputy Property Appraiser Lazaro Solis.
Numbers are still being crunched, but “we have seen a continued increase in single-family homes,” he said.