Pedro Garcia, Miami-Dade County's Property Appraiser, announced today that property taxes have fallen 12.1% for the year 2009. Expect your notice in the month of August. Hopefully, this will mean that our property taxes are reduced as well on all Miami commercial real estate properties.
A 17,000 sq. ft. warehouse building I sold recently had a property tax bill of about $38,000 (or about $2.24 per square foot). Its fairly difficult for a company to pay these heavy burdens in addition to all the other taxes on commercial businesses.
Mr. Garcia was our guest speaker at CCIM Miami's April luncheon. We look forward to having him back in 2010.
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