Broward County Property Values Grow to Record Levels!
You need the Law Office of Seth D. Lubin, now more than ever.
We all remember the South Florida real estate boom that started in the early 2000s, only to see it come crashing down starting in 2007. Well, after a 29% drop in property values from 2007-2o11, Broward County property values have increased for the 6th straight year - with this year experiencing the highest growth ever in the county’s history!
You may be thinking that this growth is good news for the economy – and it is! However, the truth of the matter is it may have a negative impact on your wallet. Why? Because the value of your home is directly related to the amount of property taxes that you pay. Higher values almost always translate to a higher tax bill.
Taxable property values in Broward County increased 9.3% when you take into consideration the $2.3 Billion worth of new construction (without the new construction, the growth is still at a record level of 7.9%). The county's total taxable value of $177.3 billion is its highest ever, exceeding the $176 billion mark set in 2007. If you want to see the increase in your city’s property values, Click here.
The good news is that if you have a homestead exemption on your property, the most your assessed value (also known as your Save Our Homes value) can increase is 2.1%. This cap is regulated by Florida law and is reflective of the increase in the Consumer Price Index.
The bad news is that this does not mean that homesteaded property values are always correct. Just because the County can increase your value by 2.1%, it doesn’t mean that it is justified. And, if you do not have a homesteaded property, your assessed value can increase by 10%!
In other words, you need my firm (lubinlawfirm.com) more than ever! We offer a free valuation analysis to let you know whether or not we believe you property is valued correctly. The new values on each property will be available at the beginning of July and we will be able to let you know where you stand.
Growth is good, but paying too much is not. Pay your fair share.