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South Florida property values are seeing ‘incredible’ growth with hot housing market

Lisa J. Huriash, South Florida Sun Sentinel on

Published in Home and Consumer News

Over the summer, property appraisers begin giving property value estimates to each city and other taxing authorities, and each city then sends back its proposed tax rate to the property appraiser.

Aug. 24 marks the final day for notices to be mailed to property owners. And by about mid-September, property owners will face a deadline to file any appeal. Then on Nov. 1, the tax or revenue collector mails out tax bills to property owners.

Buying pricier homes

Homebuyers have moved fast to buy residences in the past year, benefiting from historically low interest rates for mortgages.

As interest rates went down, it allowed people taking out a mortgage to buy a more expensive house. Craig Kirsner, a Coconut Creek-based retirement planner, said the government has been keeping interest rates “artificially low” since 2009, and home prices have continued to climb. Homebuyers saw home prices go beyond 10% or more across South Florida during the first year of the COVID-19 pandemic.

“There’s a direct correlation between low interest rates and high real estate prices,” he said. “It means everybody can buy a more expensive house.”

But an expected influx of foreclosures could eventually change the landscape. Once interest rates go up, demand will become lower and people will need to pay a higher mortgage for the same priced house, said Lauren Einhorn, a Fort Lauderdale real estate attorney. “People will either be stuck in their houses or get out and take a loss,” she said.

In February, the Biden administration said just over 10 million homeowners are behind on mortgage payments, and so to provide pandemic-related relief he extended the foreclosure moratorium for homeowners through June 30, among other efforts.

 

“These critical protections were due to expire in March, leaving many at risk of falling further into debt and losing their homes,” the White House said in a statement.

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Need more tax info?

County officials can help translate your tax bill. For help:

Miami-Dade County: http://www.miamidade.gov/pa/ or 305-375-4712.","type":"text

Palm Beach County: www.pbcgov.com/PAPA or 561-355-2866.","type":"text

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