Don't Let The Bad Economy Get You Down!
Jul 2, 2009 5:53 pm US/Eastern
Taxable Home Values Drop In Dade & Broward
Click Here To Read The Entire List Of Taxable Values In Miami-Dade
Click Here To Read The Entire List Of Taxable Values In Broward
MIAMI (CBS4) ―
Last year Miami-Dade voters elected Pedro Garcia to be their property appraiser. Many thought he would realistically price their homes. Well be careful what you ask for--both Miami-Dade and Broward county property assessments are down roughly 13 percent. And in some cities it's far worse.
Homeowners hit the hardest by depressed prices in Broward County include Parkland, Tamarac and Hallandale Beach. In Miami-Dade the numbers are even more alarming. Homestead leads the county in values taking a nosedive down more than 25% in just one year.
Surprisingly North Bay village and Cutler Bay are not far behind. Octavio Lopez, a North Bay Village resident, couldn't make sense of the number.
"I really don't understand how they came to those conclusions," said Lopez. "Again, it's a shock. It's a total shock."
Lopez lives and works in North Bay Village. He cannot make sense of why almost every other city is faring better than his neighborhood.
"We have waterfront properties and views that exclusive residential areas, that the houses go for five ten times what they do here, don't enjoy our view." said Lopez.
Garcia, the newly elected property appraiser told CBS4 News that the new values he's come out with reflect reality.
"The prices that we had before like 2006-2007 were way above reality, and now those prices are coming down, well becoming reality," said Garcia.
Last year 70,000 homeowners contested the property appraiser's assessments. Garcia said he's pushing his team to be as accurate as possible this time around.
"At my age I'm not looking to be 20 years as a politician," he said. "I am going to spend as much time as I feel to do the right thing for that taxpayers."
Lower assessments could mean homeowners pay fewer taxes. That is as long as no one raises rates. It may be possible because of billions of dollars in new construction is now complete. Developers who are holding onto thousands of empty units are now on the tax rolls. 2010 though could be a year of reckoning.
"There is a lot of areas that need a lot of help. My main concern is for next year. Prices are still going down and we have no new construction," Garcia said.
While some homeowners may be expressing relief to see their tax bill come down. Lopez is growing increasingly concerned, watching his investment disappear.
"It's a total shock. I don't think any of the residents here would expect that much of a drop," said Lopez.
The recession resistant neighborhoods in Broward County include: Sea Ranch Lakes, Pembroke Park, and Cooper City. Values in those cities have dropped less than vie percent. And in Miami Dade: Golden Beach, Medley and Opa-Locka are doing the best. Golden Beach property values have dropped less than 3%.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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