South Florida property values increase, despite COVID-19
Stock image via Adobe.

home prices
In some South Florida neighborhoods, property values grew as much as 11%.

With hotels empty and all nonessential business grinding to a halt, some South Florida officials expected property values to be another casualty of the COVID-19 pandemic.

Not quite.

Cities received official certification of property values earlier this month, so they could begin the budget-building process. And Marty Kiar, Broward County property tax appraiser, thought the report would show stalled property value growth that has been ongoing since 2013, beginning at the recovery from the Great Recession. The valuations, officially submitted July 1, are based on properties’ income-generating potential and real estate sales from 2020, which was before the region’s supercharged real estate market started grabbing headlines.

“Eight months ago, I would have thought we were going to see a massive drop in values, a decrease overall,” Kiar said. “But then I realized I was completely wrong.”

Not only does each of Broward County’s 31 cities show an increase, but seven had also posted an increase of more than 8% over the previous year. In 2020, only four cities showed that kind of growth. Kiar said his counterparts in Palm Beach and Miami-Dade counties are seeing a similar trend.

Conversa_728x90

The growth in property values for tourism hot spots, such as Hollywood, might have been depressed by empty hotels and closed businesses due to the global pandemic. Part of the valuation is driven by the income a property can generate. But the increase in home prices more than offset the downturn in commercial properties’ income-generating potential, Kiar said.

Cities such as Lauderdale Lakes, Lauderhill and West Park showed the greatest gains in value, increasing 8.6% to 11.5%.

Kiar said it shows the demand for affordable housing is pushing values in those areas up.

“Younger families can still find property they can afford there,” he said.

Anne Geggis

Anne Geggis is a South Florida journalist who began her career in Vermont and has worked at the Sun-Sentinel, the Daytona Beach News-Journal and the Gainesville Sun covering government issues, health and education. She was a member of the Sun-Sentinel team that won the 2019 Pulitzer Prize for coverage of the Parkland high school shooting.


One comment

  • Tom Palmer

    July 26, 2021 at 9:24 am

    The office is property appraiser, not property tax appraiser. . it was formerly called tax assessor before the officials argued correctly that they have nothing to do with tax rates.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


#FlaPol

Florida Politics is a statewide, new media platform covering campaigns, elections, government, policy, and lobbying in Florida. This platform and all of its content are owned by Extensive Enterprises Media.

Publisher: Peter Schorsch

Contributors & reporters: Phil Ammann, Jason Delgado, Renzo Downey, Rick Flagg, A.G. Gancarski, Anne Geggis, Joe Henderson, Janelle Irwin, Ryan Nicol, Jacob Ogles, Jesse Scheckner, Scott Powers, Andrew Wilson, and Kelly Hayes.

Email: [email protected]
Twitter: @PeterSchorschFL
Phone: (727) 642-3162
Address: 204 37th Avenue North #182
St. Petersburg, Florida 33704