Many homeowners look at rising home values as a double-edged sword.
“It’s nice that the property values are going up, but you know, when your mortgage is $1,000 more a month than when you originally got it, it’s tough because of the tax, insurance…nobody’s happy with it,” a homeowner told NBC6 Responds.
The 2024 estimate of the taxable values of properties in Miami-Dade County showed an increase of about 10.7%, making it the third straight year of double-digit increases in Miami-Dade County.
Broward County saw a 9.2% increase in taxable values of properties across the county.
The cities that saw some of the highest increases in home values were Homestead, Surfside, Oakland Park, and West Park.
Those who will probably feel the biggest impact on their tax bill are people who recently purchased a new home or people who have a new construction home.
“Maybe people that are actually moving in here paying top dollar for properties, they’re paying a lot of their taxes,” Broward County’s Property Appraiser Marty Kiar said. “And of course, if somebody has new construction, that can actually be taxed at a significant amount as well.”
Kiar said the amount a homeowner will pay varies on things like the market value of the home and whether the homeowner qualifies for any exemptions.
The homestead exemption can help homeowners from being impacted by skyrocketing market values.
The Save Our Home cap limits the amount the assessed value of your home can increase each year. Under the cap, the value can’t increase more than 3% each year, or the CPI change, whichever is lower.
When a homesteaded property is sold, the property is reassessed.
“So the people that see the big increases are the non-homesteaded property owners, maybe people that are actually moving in here paying top dollar for properties, they’re paying a lot of their taxes,” Kiar said.
Real estate analyst Jack McCabe with McCabe Research and Consulting said higher property taxes impact people with second homes and rental properties the most.
He said increased taxes and spikes in the cost of property insurance could lead to a downturn in the real estate market.
“What’s happening right now is all really good news for buyers finally. And they haven’t had any good news in five years. So I think over the next 18 months, we are seeing this transition from a strong seller’s market to what will become a buyer’s market,” McCabe said.
It’s a prediction Urania Melendez hopes comes true. She has four adult children looking to buy sooner rather than later.
“But I’m more concerned about the fact that, like I explained to you, my kids, being able to purchase a home, it’s hard right now,” Melendez said.
If you visit the Broward County or Miami-Dade County property appraiser’s website, you will be able to see how much your property value increased over the last year.
You should be receiving your Notice of Proposed Property Taxes (TRIM Notice) in August.
If you feel the assessed value of your property is too high, you should reach out to your county’s appraiser’s office and you can also file an appeal with the county’s value adjustment board.
