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Top 10 Taxpaying Buildings in Miami-Dade County

| Commercial Real Estate News, Property Taxes| Views: 673

 

We all know that taxes are a necessary evil, whether you’re a homeowner or a commercial property owner. Yet property taxes can sometimes reach exorbitant levels, placing a great burden on the taxpayer. Back in 2008, Florida officials decided to take measures against unnecessary tax increases, by amending the Constitution to include a 10% cap rate on commercial property assessments. Under Amendment 1, all non-homestead property in Florida is assessed at market value only, and the year-over-year increase in this value is capped at 10%. Moreover, the assessed value of a commercial property cannot exceed its market value.

It’s been nearly 10 years since the measure was adopted, so we thought we’d head south to see which Miami-Dade County buildings paid the highest property taxes in 2016. Though no Florida properties made our top 100 nationwide taxpaying buildings list, that doesn’t mean that property owners in the county have it easy when it comes to taxes. Some of the contenders on our top 10 list command much higher taxes than you’d expect–higher than the U.S. Bank Tower in Los Angeles, which paid roughly $4.3 million in taxes last year, or the Transamerica Pyramid Center in San Francisco, which paid $2.8 million. Check them out below:


Find all the contenders on the map below:

1Dolphin Mall, Sweetwater, Fla. – $10,732,698 in property taxes in 2016

The top spot on our list of Miami’s highest property taxes is occupied by the Dolphin Mall, located in Sweetwater, Fla. The 1.4 million-square-foot shopping mall was built in 2000 and currently houses more than 240 retailers, including Ross Dress for Less, Old Navy, Bloomingdale’s, Saks Fifth Avenue OFF 5th and Neiman Marcus. The Dolphin Mall is the second-largest shopping center in Miami-Dade County, and one of four Taubman Centers malls to open in 2000 (the other three are located in Dallas, Tampa and Palm Beach County). In 2014, Taubman Centers embarked on an expansion and renovation effort at the mall, adding new restaurants, parking spaces and services. The massive retail center commands equally large taxes, shelling out more than $10.7 million on 2016 property taxes. The other nine contenders on our list don’t even come close–the Dolphin Mall is the only Miami property to exceed the $10 million mark in property taxes.

2Dadeland Mall, Kendall, Fla. – $7,420,212 in property taxes in 2016

The 1.5 million-square-foot Dadeland Mall in Kendall, Fla., shelled out close to $7.4 million in property taxes in 2016, securing the second slot on our list. Owned and managed by Simon Property Group, the enclosed mall opened in 1961 at 7535 SW. 88 St. and incorporates the largest Macy’s store in Florida. Other anchor tenants include JCPenney, Nordstrom and Saks Fifth Avenue. Simon recently revealed it was gearing up for an expansion at the popular mall, which also has a dark past behind it: in 1979, the Dadeland Mall made the news as the setting of a drug-related shooting spree.

3Fontainebleau Miami Beach – $6,389,547 in property taxes in 2016

The third slot on our list of Miami-Dade County taxes is occupied by the five-star Fontainebleau Miami Beach hotel. The luxurious hotel has been housing high-profile guests since opening in 1954, including the likes of Frank Sinatra and Elvis. The 1,504-key hotel was also featured in now-classic movies such as Scarface and Goldfinger, and offers guests award-winning dining options, four bars and clubs, stunning views of downtown Miami and the Biscayne Bay, and many other upscale amenities.

4Southeast Financial Center, Miami – $5,628,713 in property taxes in 2016

Southeast Financial Center (via Yardi Matrix)

Southeast Financial Center (via Yardi Matrix)

Completed in 1981, the glass-clad office tower at 200 S. Biscayne Blvd. was the tallest building east of the Mississippi when it topped off. The 55-story Southeast Financial Center is the tallest office building in Florida and the second-tallest building in Miami (surpassed only by the new mixed-use Panorama Tower). Encompassing more than 1.2 million square feet of space, the building was acquired by Spain-based Ponte Gadea, headed by Zara founder Amancio Ortega, in December 2016. The $517 million price tag was reportedly one of the highest sale prices ever recorded in Miami. The Southeast Financial Center is home to more than 20 law firms and high-profile tenants, including DLA Piper, Cushman & Wakefield, Morgan Stanley and Merrill Lynch, and is managed by JLL.

5Aventura Mall, Aventura, Fla. – $5,188,205 in property taxes in 2016

The largest conventional shopping center in Florida and the third-largest in the country, the 2.7 million-square-foot Aventura Mall in Aventura, Fla., paid the fifth-largest property taxes in the Miami area in 2016. Developed back in 1983 by Oxford Development Co., the massive mall is home to more than 300 retailers, including anchors Nordstrom, Macy’s, Bloomingdale’s, JC Penney, Sears and AMC Aventura 24 Theatres. Co-owned by Turnberry Associates and Simon Property Group, Aventura Mall might soon become the second-largest shopping center in the U.S. Earlier this spring, plans were revealed for a new three-level, 315,000-square-foot expansion wing at the site, adding new names such as Topshop Topman, Under Armour and Zara to the tenant roster.

Methodology

  • Data source: PropertyShark, proprietary research (download raw data);
  • Results verified against Miami-Dade Tax Collector website;
  • Results taken from 2016 Tax Paid value;
  • Search was based on individual parcels;
  • Aventura Mall tax value is the combined sum of parcels 28-2203-038-0035 & 28-2203-038-0070.

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