By Kevin Deutsch
Home sale prices are soaring in Margate.
Broward County Property Appraiser Marty Kiar told Margate city commissioners this week that the average sale price for a single-family home in the city is $425,124, “which is significantly more than last year’s [average] sale price.”
The surge in home sales prices reflects a nationwide trend and comes as Margate homes continue to be appraised at far lower amounts than they sell for. Margate’s 12,998 single-family homes have an average assessed value of just under $198,000, Kiar said, while their average taxable value is $155,546.
The average sale price for a condominium parcel in the city is $140,576, Kiar said.
According to Kiar, the city’s market value is $6,810,553,120, which represents a 16.2 percent increase in overall market value from last year.
“A 16 percent increase in one year is pretty significant…property values [in Margate] are skyrocketing….because people are coming in from all over the world, they’re coming to Margate and paying top dollar for properties and making Margate their home,” Kiar said at the Aug. 31 commission meeting.
Margate’s overall taxable value is $4,136,012,855, which represents a 10.9 percent increase in overall taxable value from last year.
“[Margate] has a small town feel surrounded by a whole lot of growth,” said Kiar.
According to the property appraiser, assessed values for the city’s 14,895 homesteaded properties—whose owners receive an annual homestead exemption on their tax bills—are capped at 3 percent, “so much of the overall value increase is being driven by many new residents making Margate their home.”
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