Miami-Dade tax rolls plummet - South Florida Business Journal:

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The county on Wednesday confirmex that the taxable value of existing propertyt fell 13 percent compareds to theprevious year, excluding new construction That’s even worse than a preliminarh report released last month by the county’e property appraiser that showed a year-over-yearf decline of 9 percent or $22.55r billion. The 13 percent drop translates toa $31.i8 billion decline. The contained in the final 2009 preliminary tax rollreleasecd Wednesday, verify a countywidee taxable value of $213.8 billion of existinfg properties, compared to $245.6 in 2008. When adjustedx for new constructionof $8.4 billion, the 2009 countywide taxable value came in at $222.
1 billion, a net declind of $23.4 billion or 9.5 The figures are the result of a steel decline in home values. Overall home values in the Miami-Forf Lauderdale area fell 23.5 percent in 2008 to nearly $196,000, accordint to a report from Zillow.com. That reportt found homeowners in Miami-Fort Lauderdale lost a total of $122.43 billion in home values in 2008, with $35.7 billion of that in the fourthquarter alone. Miami-Dade County led the way, with a 26.1 percentf loss in home valuesfor 2008. Propert appraiser Pedro Garcia voiced concern that despitethe $8.
4 billiom in new construction value, the taxing authorities face a majorf dilemma: how to provide services residents expecty in light of declining property values. “We all have to be concernex withthis dilemma,” Garcia said in a news “However, as I have stated to the count y mayor, county chairman and commissioners and other elected I am even more concernes with the daily struggles of residents during thesre difficult economic times,” he Some of the hardest hit areaes include: Homestead, which saw a 24.7 percent decline in taxabl e value; Cutler Bay, which saw a 19.7 percent and North Bay Village, which saw a 19.
2 percent Areas less hard hit include Medley, down just 0.78 percent; Golden Beach, down 1.8 and Sunny Isles Beach, down 2.6 percent. Now, it’x up to the cities and countt to use the informationj to set their budgetzs and proposedtax rates. Once that’s done, the propertt appraisers office will, in August, notif y taxpayers of how muchthey owe.