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Wednesday, September 18, 2013

South Florida economy growing at 3.5 percent, thanks to a real-estate surge

New output numbers released Tuesday show real estate as the No. 1 contributor to economic growth last year, accounting for 31 cents of every new dollar added to the tri-county area’s $274 billion economy. Overall, the economy grew by 3.5 percent, the sharpest increase since 2006 and well ahead of the national metropolitan average of 2.5 percent.


Real estate’s return as a major economic engine comes amid rising property values and a return of cranes in downtown Miami as developers again see profits in one of the most ravaged housing markets in the country.

“Real estate is really the foundation for this area. It’s crucial for the recovery,’’ said Tony Villamil, a private economist and dean of the business school at St. Thomas University.

For the full story please read it at: www.Herald.com

For property tax appeal assistance please contact us at: www.PTAGflorida.com

Read more here: http://www.miamiherald.com/2013/09/17/3633412/south-florida-economy-growing.html#storylink=cpy

Read more here: http://www.miamiherald.com/2013/09/17/3633412/south-florida-economy-growing.html#storylink=cpyReal estate’s return as a major economic engine comes amid rising property values and a return of cranes in downtown Miami as developers again see profits in one of the most ravaged housing markets in the country.
“Real estate is really the foundation for this area. It’s crucial for the recovery,’’ said Tony Villamil, a private economist and dean of the business school at St. Thomas University.

Read more here: http://www.miamiherald.com/2013/09/17/3633412/south-florida-economy-growing.html#storylink=cpy

Miami Gardens may increase taxes to hire 10 new police officers

The City of Miami Gardens
have increased the city’s tax rate from $6.30 per $1,000 of assessed property value to $6.90 in order to hire 10 new police officers — a 9.5 percent rate increase totaling an extra $15.60 per year.

Additionally, the council balanced the city’s budget — which was $2 million dollars in the hole, by cutting back expenses, laying off eight city employees, converting one full-time city employee to part-time, and using yearly gained revenue.

Property values went down by 4.8 percent for 2013, City Manager Danny Crew said residents can look forward to a brighter future.  “We’ve had a tough four years, but we’ve been very fortunate to retain our financial position,” Crew said. “We have about $11 million in reserves, which is a pretty strong reserve, and we are rated by three of the top rating agencies in New York with an A+.”

www.herald.com

for Property tax appeal assistance please contact us at www.PTAGflorida.com 

Read more here: http://www.miamiherald.com/2013/09/17/3633259/miami-gardens-tax-increase-to.html#storylink=cpy

Read more here: http://www.miamiherald.com/2013/09/17/3633259/miami-gardens-tax-increase-to.html#storylink=cpy

Read more here: http://www.miamiherald.com/2013/09/17/3633259/miami-gardens-tax-increase-to.html#storylink=cpy
 


Read more here: http://www.miamiherald.com/2013/09/17/3633259/miami-gardens-tax-increase-to.html#storylink=cpyproperty values went down by 4.8 percent for 2013, Crew said residents can look forward to a brighter future.

Read more here: http://www.miamiherald.com/2013/09/17/3633259/miami-gardens-tax-increase-to.html#storylink=cpy

Tuesday, September 17, 2013

Today is the final day to appeal your Property Taxes. The Herald has a story on the Appraisers office, wait... it is not about the deadline.

If you are not aware, TODAY is the final day to file your appeal on Property Taxes  in Miami-Dade.  As the public would hope, the news is covering the deadline, or are they. 

Today's story in the Miami Herald is titled. "No cakewalk for birthday fund at Miami-Dade property appraiser’s office.

We are Property Tax Appeal Group were glad to see a story in the paper that notified citizens about the deadline to file their appeal is today.  It was a surprise to see the cover story was regarding the difficulty of the office to get a fund to pay for office Birthday cakes.

While we do not have a problem with the story, we just disagree with the timing of it.  We wish the story was letting readers know about the deadline, TODAY September 17, 2013

If we can help you in your appeal, please contact us at (305) 693-3500 or on-line at http://www.PTAGflorida.com



Read more here: http://www.miamiherald.com/2013/09/16/3631213/no-cakewalk-for-birthday-fund.html#storylink=cpy

Monday, September 16, 2013

Downtown Miami historical landmark building given a property tax reduction of 50.81%

The County taxes based on the Highest and Best Use (HBU) of a property.  This gives the property owner an incentive to build upon and improve their property.  

The historical building with retail on the first floor and 16 additional floors above the building, is taxed at its HBU; but at the same time, is prevented from maximizing its full potential, due to its historic designation.  An inherent benefit in owning real estate is having the ability to demolish it at the end of its economic life.  This is not possible at this property.

The property owner should not be the only one absorbing the entire cost of owning a property which benefits the County as a whole, due to its historic designation.  It suffers economically by being surrounded by more modern buildings.     

This was the argument presented to the Special Magistrate at the Value AdjustmentBoard (VAB) hearing in order to obtain a 50.81% building reduction on their 2012 property tax bill.   This was a $2,039,700 assessment reduction  granted ($4,014,375 – 1,974,675 - $2,039,700. 

Why would any property owner ever want to purchase a historical building and take a loss on his investment?  After all, they are not operating a charity.    

By having been granted the property tax reduction, now the entire County is indirectly subsiding historical buildings.   

Property Tax Appeal Group was able to present this evidence elements and used other approaches in order to reduce the taxes.

For property tax assistance, contact us at: www.PTAGflorida.com