Waterfront Lot Size Discrepancies

Lately I have had the pleasure of showing several waterfront homes to a buyer. When I show property, I like to give the buyer as much information as possible, so I always hand them the MLS sheet, the tax roll, the listing history, and anything else that I can get my hands on such as a survey or floor plan. Once my buyer zeroed in on a few homes, she really started to analyze the information I had given her and she called me with an important question: why did the lot size on MLS listing sheet almost always reflect a larger number than the Miami-Dade County tax rolls?

Waterfront lots are interesting because, well, they end in the water. Because water is a dynamic force that can rise or become lower, Miami-Dade County does not utilize the entire square footage of a waterfront lot in its tax rolls. Rather, the County will only measure up to what is known as a “survey tie line” to assess this type of property rather than measuring the entirety of the lot, all the way to the water’s edge.

Although Miami-Dade County does not assess waterfront lots based on their true size, a buyer who purchases such a lot does, in fact, own all the way down to the water’s edge. During the contract period, a buyer’s closing agent will order a survey of the land and that document will show the survey tie line, but will also give credit to the whole lot. Upon selling, owners can then provide that survey to their realtors so that they can list the correct lot size. This is why my astute buyer noticed that the lots in the MLS were, more often than not, larger than reflected in the tax rolls.

If you need help buying or selling a home give Ashley Cusack a call at 305.798.8685, or visit her website at: Luxury Miami Real Estate