MIAMI – According to a prominent Miami-Dade real estate attorney, residents shouldn’t hold their collective breaths in anticipation of a reduction in their property tax bills.
“The Miam-Dade real estate market is in quite a bit of turmoil at this time,” said Marc D. Kleiner, Managing Partner of Miami-based Kleiner Law Group (www.kleinerlawgroup.com). “The current proposal calls for a one-percent reduction, but it really won’t provide much relief for those hoping to stay in the area or buy a home.
“And while it’s a nice gesture, it really won’t make a difference in the costs of maintaining a home or purchasing. It clearly won’t be a windfall savings reflected in notices which should be arriving in the coming weeks.”
Kleiner points out that the city commission is doing its best, but there are too many other factors in play for it to really solve problems associated with the local real estate sector.
“Keep in mind that the assessed value of virtually every home in the area will go up,” he points out. “Consequently, many homeowners will actually see an increase in their taxes, even with the one-percent millage rate reduction.”
The cost of real estate is just one of many problems South Florida residents are facing, resulting in many considering moving elsewhere.
“The cost of living in Miami and surrounding areas is out of control,” said Kleiner. “And while there are other factors, the cost of housing is front and center as a major problem, pricing many out of the market.”
Kleiner referenced the high cost of home owner’s insurance, which, for many people is doubling this year. Combine this with still-escalating home prices, rising interest rates, inflation, and construction costs and you have a situation that completely puts people out of the market when it comes to purchasing a home.
“There are reports of the home prices stabilizing,” he said. “But we don’t anticipate prices coming down to the point where homes are considered affordable. We’re seeing real estate investors buying up properties and renting them. The foreign real estate market remains robust.
“But for the average family, the cost of home ownership is simply out of reach. Until there are legitimate and affordable opportunities for buying or renting, these problems will continue,” said Kleiner. (https://www.mymove.com/city-guides/miami-not-affordable-driving-people-away/)
About The Kleiner Law Group
The Kleiner Law Group handles a variety of real estate needs, including property tax valuation, real estate financing and construction contracts. In addition, the firm has expertise in a wide range of corporate and business law matters, working with clients on business formation, compliance, counseling and employment issues, business contracts, business purchase and sales agreements, commercial lending and corporate finance.
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