Property Values Rise Across South Florida
Residential and commercial property values are rising in the counties of Miami-Dade, Broward and Palm Beach.
Why are property values increasing? According to real estate analysts, increasing homebuyer demand, low interest rates and a shrinking inventory of homes on the market have contributed toward the growth.
In Miami-Dade County, real estate property values increased by 2.5 percent, marking the second straight year of growth. The tax roll grew to $196.61 billion, an increase of 3.1 percent countywide.
In Broward County, property values rose by 3.9 percent. The tax roll grew to $132 billion, a 4.4-percent increase countywide.
In Palm Beach County, property values increased by 3.7 percent and the tax roll grew to $129.7 billion.
What effect does this have on Florida homeowners? The good news is that your property value might finally be going up after so many years of sinking prices. The bad news is the higher value may mean that you have to pay more taxes.
Local government agencies are undoubtedly excited about the higher property values. South Florida municipalities get most of their revenue from property taxes, so the higher the property value, the more funding they get.
With home values on the rise, is now a good time to buy? "Now is a great time to buy," said Samantha DeBianchi, founder of DeBianchi Real Estate. "Rates are low and while prices are rising, there are still good deals out there — the longer you wait, the less opportunity there will be to take advantage of the current market."