WRE News: Miami-Dade Sees $6.1 Billion Boost in New Construction, Property Values Soar

Miami, FL – June 7, 2024 – Miami-Dade County saw a significant rise in property values last year, fueled by a surge in new construction projects.

Overall taxable values in the county increased by 10%, reaching $469 billion, according to a June 1st estimate from the Property Appraiser’s office. This $43 billion rise from 2023 includes $6.1 billion from new construction alone. Since 2019, the county’s taxable property values have climbed by 53%, reflecting a robust post-pandemic recovery and ongoing development.

The consistent growth is evident from the annual increases in both total property values and new construction. For example, taxable property values rose from $424 billion in 2023 and $372 billion in 2022, while new construction added $5.9 billion and $5.3 billion to the tax rolls in those years, respectively.