You ask a very valid question here regarding housing prices here in Miami. You are correct in that tax values have fallen, as have home prices here in Miami but also straight across the nation. While the tax roll value is a good guide of what a home's value may be, it is not always a true reflection of a homes' price. The tax assessors bases taxes on the size of a home, land size, pool etc. What the tax assessor can not take into account is the condition of a home, such as upgrades, updates, basically the overall condition of a home. Sales prices are taken into consideration based on the filing of deeds, but again there is nothing that gives them the condition of a home. Clearly a home that has not been updated in years, or been abandoned by a defaulted homeowner, does not have the same value to prospective buyer as a home that is good condition. There are many times where the sales price of a home does exceed the tax assessor's value, as it is buyers and seller's that determine the price of a home through negotiation. Contrary to popular belief, just because a home is listed at a certain price does not mean that a buyer can look at it, and then try to apply a discount amount. While there may be homes listed above the current market value, many of the homes being listed now are properly priced given the current market conditions, many of which go under contract within a week of the listing date. Good luck in your search whether it is to rent or to purchase, and welcome to Miami.
RE/MAX Advance Realty