Property values in Broward County climbed for the fourth straight year, posting a 6.9 percent leap over last year, the property appraiser announced this week.
The tentative tax roll could change slightly between now and its finalization in a month, but the healthy increase brought smiles across Broward, reminding folks that the real estate bust is firmly in the past.
Values rose from the coastline to the Everglades, from north to south and in between.
In Southeast Broward, Hallandale Beach had the highest net increase in existing property values, at 9.37 percent, not counting new growth.
Mayor Joy Cooper said her city was “hit pretty hard” by the Great Recession but didn’t slash services or raise taxes. She said the city’s beachside location, its “robust investment in our infrastructure” and its commitment to parks helped.
The distinction for the lowest increase in values — .96 percent — went to the unincorporated areas, which have struggled with high poverty and unemployment, and a lack of commercial development.
Besides increases in values of existing properties, hundreds of millions of dollars in new construction was completed last year, increasing the total assessed value of Broward property to an eye-popping $150.4 billion, a 7.85 percent increase over last year’s total.
Four cities had significant growth: Fort Lauderdale, Parkland, Miramar and Coconut Creek.
Fort Lauderdale, which is by far the real estate powerhouse with $28.5 billion worth of property, saw another $330 million worth of new development completed.
Two new apartment complexes accounted for $91 million of Coconut Creek’s $127 million in new construction, the Property Appraiser’s Office said.
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Because of heavy growth, the city of Parkland in Northwest Broward stood out amongst the 31 municipalities as the one with the highest overall increase in value, 12.53 percent. Without that new growth, values there rose 5.27 percent.
Mayor Michael Udine said The Wedge, annexed into Parkland in prior years, is filling in with new development.
“Parkland is red hot right now,” he said. “People just love the lifestyle that we offer in Parkland. We have great schools, great parks and we have a family friendly feel.”
Miramar Mayor Wayne Messam said the 5.9 percent value increase there and burst of growth show his city “continues to be a desirable place to live, work, and to open up a new business. I am confident that on our current trajectory, we are quickly becoming the premier city in South Florida.”
Nearby in Southwest Broward, Pembroke Pines Mayor Frank Ortis said he was “ecstatic” with his city’s 7.5 percent value increase.
Hollywood Mayor Peter Bober said the recession was “brutal” for his largely residential city.
“Thus,” he said, “watching the taxable value increase by 8.9 percent in a single year is extremely welcome news.”
Sunrise Mayor Mike Ryan said his city’s 7.16 percent value increase, higher than the countywide average, confirms “that Sunrise continues to be a place where people want to live and play. Importantly, these gains help our residents recover some of the property value lost during the 2008 economic collapse.”
Lauderhill Mayor Richard Kaplan said he was “personally pleased” to see his city’s 7.62 percent tentative increase.
“We have seen this sustained improvement in our property values and look forward to its continuation,” he said.
The county, School Board and cities use the tax roll information to decide whether to raise property tax rates. With values rising, that often means tax bills will rise, as well.
Under the definitions in state law, if cities or the county keep the tax rate the same this year, they’re imposing a tax increase. In order to avoid a tax increase, they’d have to roll the tax rate back to a level that, when applied to the higher property values — excluding new construction added to the rolls — would not increase tax revenues over what was gleaned last year.
Florida law offers a bit of protection, though. For a person’s primary residence, or “homestead,” values for taxing purposes can rise no more than 3 percent or the rate of inflation, whichever is lower. This year, that’s .8 percent.
For non-homesteaded property, increases each year are capped at 10 percent (but that cap does not apply to school district taxes).
Homesteaders also will see $50,000 in value exempted from taxation, for homes with values of at least $75,000.
The tentative numbers, though positive, are slightly lower than last year’s. Values rose 7.2 percent last year.
In 2013, the increase was a moderate 4 percent, and in 2012, the first year the tax roll recovered from the recessionary plunge, values rose 1.7 percent.
The values are based on last year’s market conditions.
Property Appraiser Lori Parrish warned in a memo to city officials that she doesn’t expect next year’s increase to be as large.
See http://www.bcpa.net to view your own tentative property value.
This story will be updated. Check back.
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PERCENTAGE INCREASES in PROPERTY VALUES*
*not including NEW CONSTRUCTION ADDED TO THE ROLLS
Broward County: 6.91 percent
Unincorporated Broward: .96 percent
Coconut Creek: 7.15 percent
Cooper City: 5.24 percent
Coral Springs: 5.89 percent
Dania Beach: 5.68 percent
Davie: 5.26 percent
Deerfield Beach: 7.18 percent
Fort Lauderdale: 8.23 percent
Hallandale Beach: 9.37 percent
Hillsboro Beach: 5.56 percent
Hollywood: 8.75 percent
Lauderdale-by-the-Sea: 7.44 percent
Lauderdale Lakes: 7.77 percent
Lauderhill: 7.62 percent
Lazy Lake: 7.41 percent
Lighthouse Point: 5.12 percent
Margate: 7.64 percent
Miramar: 5.9 percent
North Lauderdale: 8.3 percent
Oakland Park: 7.72 percent
Parkland: 5.27 percent
Pembroke Park: 4.18 percent
Pembroke Pines: 6.27 percent
Plantation: 5.31 percent
Pompano Beach: 6.66 percent
Sea Ranch Lakes: 4.88 percent
Southwest Ranches: 4.45 percent
Sunrise: 7.16 percent
Tamarac: 8.24 percent
Weston: 6.03 percent
West Park: 8.52 percent
Wilton Manors: 8.48 percent
Source: Broward County Property Appraiser’s Office
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