Real Estate Boom in Miami-Dade: Total taxable property value increases by $43 billion

The real estate market in Miami-Dade has experienced a noticeable increase in the value of its taxable properties over the past year.

According to an official report published by the County Property Appraiser's office, total taxable values now reach $469 billion, which represents an increase of $43 billion compared to 2023.

This growth is due, in part, to the new constructions that have contributed $6.1 billion to the total increase. In percentage terms, the total taxable value in Miami-Dade has increased by 10% in the last year and an impressive 53% since 2019, the year before the pandemic.

In the case of real estate properties, such as houses or apartments, the taxable base represents the value of the property that is used as a reference to determine the total amount of tax to be paid.

This increase in the tax base implies a proportional increase in the county's tax revenue, allowing for greater investment in infrastructure and public services.

In May, the 2023 balance of the Miami Real Estate Agents Association indicated that the city attracted buyers from 52 different countries. The main investors in this sector come from Colombia (15%) and Argentina (14%).

Official data indicates that Florida is consolidating as a magnet for foreign investors interested in the real estate market of the United States.

The trend of growth in taxable values has been constant over the past few years. Since 2019, the total value has shown a significant year-over-year increase, establishing Miami-Dade as a thriving real estate market.