The Miami-Dade property appraiser, Tomás Regalado, proposed a reduction in property tax assessment for 2025 in response to the slowdown in the real estate market in the county.
During a press conference this Monday, Regalado presented a report that highlights a slowdown in the growth rate of property values, which could warrant an adjustment in the tax burden for property owners in Miami-Dade.
The official explained that while in the fiscal years 2022 and 2023 the values grew by 21%, this growth decreased to 10.8% last year and 8.4% in the current year. “The market is cooling down,” he stated, also pointing out that there is a “tendency to decline” in real estate sales.
A proposal still in the hands of the commissioners
Regalado announced that he might request a 3% reduction in property assessments, similar to what his predecessor Pedro García did in previous years. However, those requests only achieved a 1% reduction in 2023 and none in 2024, according to Diario de Las Américas.
The appraiser emphasized that maintaining the current rates would effectively mean an increase in the taxes paid by property owners, due to the rise in property values. “A reduction would allow taxpayers to pay a little less or the same as last year,” he argued.
However, the final decision will rest with the county commissioners and Mayor Daniella Levine Cava.
Contrasts in Market Behavior
The report reveals significant differences based on the type of property and the area. While condominium values fell by 0.5% overall, with more notable decreases in Miami Shores (-6.6%) and Coral Gables (-5%), other areas such as West Miami (17.6%) and Opa-locka (11.8%) recorded increases.
In single-family homes, the average growth was 4.3%, with significant increases in Bay Harbor Islands (15.3%) and South Miami (13.5%).
Regalado recalled that property taxes account for only 37% of the County's budget, and warned: “This message is not very good for governments, but it is good for residents who are distressed about the issue.”
The budget hearings in September will be crucial in determining whether Miami-Dade will finally provide relief to its taxpayers.
Frequently Asked Questions about Property Taxes in Miami-Dade and the Real Estate Market
Could property taxes in Miami-Dade be reduced in 2025?
The Miami-Dade property appraiser, Tomás Regalado, has proposed considering a reduction in the assessment of property taxes for 2025, arguing that the slowdown in the real estate market justifies an adjustment in the tax burden for property owners. However, the final decision will depend on the county commissioners and Mayor Daniella Levine Cava.
Why is a reduction in property taxes being considered in Miami-Dade?
The proposal to reduce the amillaramiento arises due to a decrease in the growth rate of property values in the county, which implies that maintaining current rates would result in an effective increase in the taxes paid by property owners. Regalado argues that a reduction would allow taxpayers to pay less or the same as they did last year.
How is the current real estate market affecting residents of Miami?
The real estate market in Miami has experienced a
What impact do property taxes have on the budget of Miami-Dade County?
Property taxes account for 37% of Miami-Dade County's budget, which means that any reduction in these rates must be carefully assessed to avoid compromising the essential services that rely on this revenue.
Filed under:
