Key Biscayne’s official property tax values increased 10.1%, according to the preliminary certificate of taxable values submitted to the Miami-Dade County Tax Department on July 1.
Key Biscayne’s estimated taxable value is now $10,989,883,172, up from $10.7 billion in the June 1 estimate. Last year’s official taxable value was $9.9 billion, representing a net value change of $1,011,365,940.
Only 14 of the 36 county municipalities recorded a smaller percentage increase. The highest increase was in Homestead (19.7%).
Here are the numbers for Key Biscayne:
– Provisional taxable value 2023: USD 9,978,517,232
– Estimated 2024 taxable value before construction: $10,976,849,175
– Percent change: 10%
– New construction: $13,033,997
– Estimate as of June 1, 2024: $10.7 billion
– Provisional taxable value 2024: USD 10,989,883,172
– Percentage change from 2023: 10.1% (from $9.9 billion)
– Net change in value: USD 1,011,365,940
With a net change in value of $1.011 billion, Key Biscayne ranks eighth highest among all tax districts in the county (excluding unincorporated areas).
Miami led with a net dollar value change of $9.683 billion, while Miami Beach reached $4.836 billion.
Miami-Dade County Property Appraiser Pedro J. Garcia released the updated list Monday afternoon. The estimated taxable value for the county for 2024 is $471.5 billion, a 10.7% increase compared to 2023, representing an additional $45.7 billion in taxable value for the county.
Aerial view of a beach area of Key Biscayne, Florida.
Countywide, taxable values in the fire and rescue services sector increased by 10.8%, while values for libraries and schools saw an increase of 10.4%.
Just last week, the municipal council approved a cap of 3.2438 per thousand for the period 2024-2025, long before the budget hearings on September 10 and 24.
This cap represents a difference of 0.1193 (3.8%) compared to last year’s final tax rate of 3.1245, but is only a starting point for the tax rate for the financial year.
Village Administrator Steve Williamson committed to further refining the proposed $40,776,013 budget over the summer.
For the first time, the public will be invited to a community budget workshop on August 14 to see how the village’s departmental budgets are developed and to voice their ideas or concerns.
New tax rates will not be introduced until the end of September. From this point on, the tax distribution for the current year will be displayed on the property appraiser’s website.
Property searches can be conducted on the Miami-Dade County Tax Appraiser’s website at Property Appraiser – Miami-Dade County.
If homeowners have questions or would like to review their property appraisal, they can schedule appointments online, visit the property appraiser’s office, or call (305) 375-4712.
