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.