Significant Property Value Increases Across Broward County

Property values have surged significantly across Broward County, with both major cities and smaller communities experiencing notable increases. According to the latest figures from the Broward Property Appraiser, taxable values have risen by an average of 8.77% countywide, based on sales from January 1, 2023, to December 31, 2023.

Key Highlights:

• Highest Increase: Sea Ranch Lakes saw the highest increase in taxable value at 17.26%.
• Lowest Increase: Lazy Lake had the lowest increase in taxable value at 4.36%.
• Highest Median Sales Price: Sea Ranch Lakes also had the highest median home sale price at $2,900,000.
• Lowest Median Sales Price: Pembroke Park had the lowest median home sale price at $260,000.

Factors Contributing to Property Value Growth

Broward Property Appraiser Marty Kiar attributes the growth to several factors. Broward County is highly desirable, built out, and in high demand, which collectively bolsters property values. "That keeps property value strong," Kiar notes.

Detailed Breakdown of Property Value Increases by City

Here's a closer look at how the 31 cities in Broward County fared in terms of increasing property values. These figures include both residential and commercial properties, along with new constructions added to the tax rolls.

• Coconut Creek: 6.99% increase; Median home sale price: $511,500
• Cooper City: 9.21% increase; Median home sale price: $610,000
• Coral Springs: 8.66% increase; Median home sale price: $625,000
• Dania Beach: 6.94% increase; Median home sale price: $477,500
• Davie: 8.07% increase; Median home sale price: $585,000
• Deerfield Beach: 8.85% increase; Median home sale price: $419,000
• Fort Lauderdale: 7.81% increase; Median home sale price: $645,000
• Hallandale Beach: 9.53% increase; Median home sale price: $420,500
• Hillsboro Beach: 6.59% increase; Median home sale price: $836,000
• Hollywood: 9.20% increase; Median home sale price: $490,000
• Lauderdale-by-the-Sea: 8.06% increase; Median home sale price: $1,369,700
• Lauderdale Lakes: 6.76% increase; Median home sale price: $395,000
• Lauderhill: 10.08% increase; Median home sale price: $360,000
• Lazy Lake: 4.36% increase; Median home sale price: $1,240,000 (only one sale in 2023)
• Lighthouse Point: 10.03% increase; Median home sale price: $1,175,000
• Margate: 9.73% increase; Median home sale price: $400,000
• Miramar: 8.25% increase; Median home sale price: $560,000
• North Lauderdale: 9.35% increase; Median home sale price: $335,000
• Oakland Park: 14.26% increase; Median home sale price: $487,800
• Parkland: 8.39% increase; Median home sale price: $914,750
• Pembroke Park: 12.03% increase; Median home sale price: $260,000
• Pembroke Pines: 8.22% increase; Median home sale price: $535,000
• Plantation: 9.45% increase; Median home sale price: $595,000
• Pompano Beach: 10.75% increase; Median home sale price: $440,700
• Sea Ranch Lakes: 17.26% increase; Median home sale price: $2,900,000
• Sunrise: 8.14% increase; Median home sale price: $440,000
• Southwest Ranches: 11.87% increase; Median home sale price: $1,400,000
• Tamarac: 11.39% increase; Median home sale price: $355,000
• West Park: 12.60% increase; Median home sale price: $370,000
• Weston: 7.01% increase; Median home sale price: $795,000
• Wilton Manors: 9.47% increase; Median home sale price: $749,000
• Unincorporated Broward: 7.24% increase; Median home sale price: $360,100

Implications of Increased Property Values

Various taxing authorities, including city councils, the County Commission, School Board, hospital districts, and the Children’s Services Council, will use these updated figures to determine property tax collections this fall. The funds collected will support essential services like police, fire departments, park maintenance, and road repairs.

Uncertainty in the Real Estate Market

While the current trend shows a rise in property values, the future remains unpredictable. As Property Appraiser Marty Kiar aptly puts it, “The only thing certain about the real estate market is that it’s uncertain. You never know what’s going to happen year to year.”