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Bal Harbour Leads Property Increases

Bal Harbour leads property value increases in Miami-Dade

Date: Monday, July 2, 2012, 6:42am EDT

Bal Harbour led the property value increases with a 35 percent rise, as a result of the new Saint Regis Resort & Residences.

Reporter- South Florida Business Journal
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Miami-Dade County property values have seen a modest increase, led by a significant rise in Bal Harbour, according to the 2012 tax-roll data.

Bal Harbour led the property value increase with a 35 percent jump, as a result of the new Saint Regis Resort & Residences. Without this development, Bal Harbour's growth would have been 3.6 percent, which is more in-line with other municipalities. Indian Creek also had a significant rise in property values, up 11.8 percent. On the lower end, Coral Gables had a modest 1.3 percent increase.

"In my opinion, the real estate market has hit bottom and in some areas of Miami-Dade County we are seeing a recovery," Miami-Dade Property Appraiser Pedro J. Garcia said at a news conference.

Nonetheless, 17 municipalities showed a decline in value but in six of these cities the decline was less than one percent. In those cities which had seen significant declines, such as Florida City (down 6.3 percent), El Portal (down 4.1 percent), Homestead (down 3.8 percent) and Opa-Locka (down 2.4 percent), the declines were less than in the past three years.

In August, property owners will be mailed Notices of Proposed Property Taxes, commonly called Truth in Millage (TRIM) Notices, which will reflect the property appraiser's assessment of individual property values.


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