Many South Florida Cities See Positive Growth in Taxable Income

City Commissioners in South Florida are happy with increased budgets due to growth in real estate tax values. Between Miami-Dade, Broward, and Palm beach counties, the combined taxable value of South Florida real estate reached $531 billion. In Miami-Dade County alone, taxable value grew by 8.6% , a large increase coming from nearly $2.75 billion in new developments. Broward County showed similar growth at 7.85% in 2015 and had $1.31 billion in new projects. Palm Beach County showed growth of 8.69% and had $2.11 billion in new construction. The largest jump in taxable value came in Riviera beach, which showed 32.3% increase in taxable value, mostly in part to the construction of a natural gas plant being completed.

While there was a lot of positive growth in many cities, some did show negative results between taxable value and also in construction due to projects being torn down. For example, Sun Life stadium received renovations and counted against Miami Garden’s taxable value, but once these projects are completed or redeveloped, their values will count towards taxable values.

With the increase in budgets, many are sitting, waiting, and wondering what city officials plan to do with all the extra cash.

Click here for the full article from the South Florida Business Journal, or click here for more Front Street news.

Comment /Source

Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

 Subscribe in a reader

Subscribe to Front Street's News Page by Email