Should Zika be factored into Miami home appraisals?



It’s feared that the impact of the Zika virus in Florida is even being felt in local real estate markets, affecting home values in some parts of the state. Indeed, one group that’s focused on property tax appeals is now saying Zika should be factored into all property assessments in Florida.

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The Property Tax Appeal Group said in a new report that if fears over Zika continue in the long-term, many businesses could be forced to close, leading to a depression in real estate prices. The group urges Tax Appraisers in the Miami-Dade County area to take this into consideration when carrying out its property assessments in areas affected by Zika.

Miami’s trendy Wynwood neighborhood, for example, has seen a huge boom in property values in recent years. Lately, however, the neighborhood has become the epicenter of the Zika virus outbreak in the U.S. Some businesses are even temporarily shutting down.

The Property Tax Appeal Group’s Barry Sharpe further warns that the threat of Zika might be overlooked when appraisers arrive at assessed values, but says they should clearly be taken into account. He adds that homeowners may even attempt to consider appealing their property assessments if appraisers refuse to consider Zika when assessing home values.

“As this is all new to this area, it is too early to predict the full impact this condition will create,” Sharpe warned.

About Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.