HousingWire reporter Kelsey Ramirez says that Miami's boom in property values in recent years may end if the world's fear of the Zika virus continues. The new virus which is spread by mosquitoes is deterring buyers from purchasing in the South Florida city and may cause housing values to plummet.
A new report from Property Tax Appeal Group, a group that provides expert and professional real estate ad valorem appeals on tax assessments in South Florida, says that if the fear continues long-term, it could cause businesses to close, which would depress overall real estate values. Ramirez writes:
The report points out that this should be considered by the Miami-Dade County Property Tax Appraiser when it comes to reducing property assessments in affected and surrounding areas, and that this is a situation that is sometimes overlooked in arriving at assessed values, especially when it will result in lower tax revenues.
In fact, Barry Sharpe, who heads Miami-based P-TAG, says that most property owners don’t even think about appealing their property assessments, but that this is something they should now consider doing.