Archives for posts with tag: property taxes

Bringing more art to Miami is something that nobody can object. I myself love the idea of more art inmetrorail-863816_1920 the city but what I do not agree is the fact that Miami’s residents have to pay some punishing fee for that.

 

There are already many taxes, fees, and delays when it comes to the approval of city’s permit for construction. Instead of charging these fees to residents I believe it should be charged to tourists, not high fees, small fees to tourists would be enough to reach the intended purpose.

 

Let’s not make more taxes. Let private institutions develop art in the city giving them more freedom. Let’s encourage more donations but no more taxes because all that does is generate expensive local prices, fewer jobs, and less economic growth for the city.

To read the ordinance click on the link below:

Miami Art Ordinance

We’ve been discussing it for months, if not years, and now it seems to all be coming to fruition. The Miami-Dade real estate market is well on it’s way to soaring past pre-recession peaks and setting it’s eyes on historic highs. It is certainly a very exciting time to be living this city, and an incredibly opportunistic time to be working in the development, construction, or real-estate sectors.

Leading the way in this boom is the downtown area, as we have discussed previously. The Real Deal South Florida reports that out of the 23,000 condos built in the area from 2003 to 2012, 93 percent have been sold. This has led to a dramatic increase in assessed property values (6.4 percent) and asking prices, but also an inventory crunch. Not to worry, developers have gracefully accepted the challenge. There are currently 5,500 condo units planned for development in downtown Miami.

However, other areas have assisted in making Miami-Dade one of the most attractive counties for real-estate investment in the country. Jade Signature in Sunny Isles, from our very own Fortune International, is one of the most breathtaking developments in South Florida. Designed by the famed architecture team, Herzog & de Meuron, the latest Jade project has already surpassed $300 million in sales. Miami Today also recently sang praises for the Coconut Grove area, where condos and single-family residences are primed to reach new peaks. The luxurious Grove at Grand Bay is the most appealing of many new preconstruction projects in the area.

This has all, of course, led to an increase in economic activity and tax revenue for the city of Miami. The Miami Herald recently reported that property-tax rolls have increased by 3.39 percent in 2013, marking the second consecutive year of growth. With a higher tax base, the city can expect government downsizing to slow down and taxpayers will in-turn see more bang for their buck.

However, one must always account for negative indicators, as well. This boom is not being felt, for example, in Florida City, where taxable value has decreased by 5.58 percent. Hialeah has also seen their rolls decrease by 3.5 percent, though that could be attributed to a new homestead exemption for low-income seniors. Even areas such as downtown, where values are skyrocketing, run the risk of growing too quickly and pricing too many people out of the market.

Overall, the news is too optimistic to end on a negative note. So, in that case, let’s enjoy this awe-inspiring preview video of Fortune International’s Jade Signature:

Jade Signature Sneak Peek Video from Jade Signature on Vimeo.