Real Estate

Zika virus fear could depress home values in Miami

Appraisals should take the disease into account, group says

Miami’s boom in property values in recent years may be at an end if fears of the Zika virus, a new virus being spread by mosquitos, doesn’t subside soon, according to a report from Property Tax Appeal Group, a group that provides expert and professional real estate ad valorem appeals on tax assessments in South Florida.

Even recent high rental rates didn’t deter businesses and restaurants from moving into the Wynwood area, but now, that could be about to change. While high rents couldn’t affect the area’s rising costs, fear of the Zika virus might.

If it continues long term, it could cause businesses to close, which would depress overall real estate values.

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.

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