Tax Bills fall on Miami Offices

Taxable values and tax bills have fallen for 11 major office buildings in downtown Miami, according to online property records. "We've had a dramatic decline in the number of people employed in white-collar jobs, which represents a decline in demand for office space, even though we've had a lot more space added," said Tom Dixon, president of Dixon Commercial Real Estate. "The real problem is they've added so many new buildings, which has affected directly the occupancy rates." For example, 1221 Brickell Avenue saw a $6 million drop in taxable value this year, with its current number at $74.5 million. Miami's three newest towers, 600 Brickell, 1450 Brickell and the Wells Fargo Financial Center were only taxed on land values in 2010 because they were not issued certificates of occupancy until 2011. [Miami Today]