Broward’s property values climb by nearly 9%. Here’s a closer look at the growth.
There is no sign of slowing down for Broward County’s property values. For another year, property appraiser’s records show the values have continued northward for both existing homes and new construction.
In Broward County this past year, that meant an 8.77% increase in taxable value, and every single city and town saw a bump in its values. The figures are based on sales from Jan. 1, 2023, through Dec. 31, 2023.
Still, it was a slight fall from the previous year’s 11.2% overall increase.
That’s according to preliminary figures released Friday by Broward’s property appraiser.
Broward County’s property values are going up because “people are moving here from all over the United States and the world, they are paying top dollar for properties,” Property Appraiser Marty Kiar said.
There’s also another $3.4 billion of new construction countywide, adding to the increase in taxable value. New construction caused the countywide taxable value to increase by 1.25%.
In Broward, every year since 2012, there’s been an increase in assessed value consistently countywide.
Among the findings for 2023:
— The cities with the most new construction were the county’s most populous, including Fort Lauderdale, with $521.55 million of new values added to the tax roll. Pompano Beach came in next with $346.63 million in new value.
— Among the communities with most affordable median sales prices were Pembroke Park ($295,000), North Lauderdale ($363,000) and Tamarac ($385,000).
— The median sale for a single-family home countywide was $557,450. That’s higher from the median sales price the year before for a single-family home at $520,000.
Of Broward’s 31 cities, six of them had homes that sold for a median of more than $1 million. That ranged from Parkland, which had a median of $1 million even, to Sea Ranch Lakes, which had the most expensive home median price at $4.3 million.
“People are paying more money for properties than the year before, that’s been the consistent theme for the last number of years,” Kiar said. “Broward County is built out with not a lot of inventory, and a very desirable place to live.”
The figures released Friday will be used by cities, the county, the school district and other local water and hospital taxing districts to prepare their new budgets for the upcoming fiscal year, which starts Oct. 1, and to set their tax rates. Final values will be issued in July.
Even though there was an increase in the countywide taxable value of 8.77%, properties with an existing homestead exemption will receive a 3% cap on the assessed value of their homesteaded property.
The Palm Beach County property appraiser’s office is scheduled to release its values on Wednesday.
Lisa J. Huriash can be reached at lhuriash@sunsentinel.com. Follow on X, formerly Twitter, @LisaHuriash