How Much Are Property Taxes in Miami? A Comprehensive Guide

Modern Miami homes with a skyline backdrop and subtle financial icons, representing property taxes in Miami

If you’re considering buying a home in Miami, understanding property taxes is essential to budgeting and planning your investment.

Get to know what are taxes in Miami with our full guide for residents and home owners

Miami property taxes are calculated based on the assessed value of your property and the millage rate, which varies by neighborhood. This guide will walk you through how property taxes are determined, average rates, ways to reduce your tax bill, and how taxes impact your mortgage.


How Are Property Taxes Calculated in Miami?

Miami property taxes are determined by the assessed value of your home and the millage rate applied by Miami-Dade County. The County Property Appraiser evaluates properties annually to estimate market values, which are then used to assess taxes. Millage rates, measured per $1,000 of assessed value, vary across neighborhoods and are adjusted yearly based on local budgets and needs.

Key Points:

  • Assessed Value: Determined by the County Property Appraiser and may differ from the property’s market price.
  • Millage Rate: Varies by neighborhood; multiplied by the assessed value to calculate property taxes.

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Average Property Tax Rates in Miami

The average property tax rate in Miami-Dade County is approximately 1.73% of a property’s taxable value, though this can vary based on local millage rates. For example, homes in more luxurious or service-rich areas, such as Coral Gables or Miami Beach, may have slightly higher tax rates due to increased public services and amenities.

Sample Property Tax Rates by Neighborhood:

  • Brickell: Known for its high-rise condos and luxury amenities, Brickell’s property tax rates tend to be at or slightly above the county average.
  • Coral Gables: With more amenities and city services, Coral Gables often has a slightly higher rate than other Miami neighborhoods.
  • Miami Beach: A prime tourist and residential destination, Miami Beach has its own millage rate, which supports its unique infrastructure and services.

Rather to rent instead buying? Let’s see how much is rent in Miami.


Factors That Influence Property Taxes in Miami

Several factors can influence your Miami property tax bill, including the home’s assessed value, its location, and the availability of local services. Neighborhoods with enhanced services, such as fire stations, libraries, and recreational facilities, may have higher millage rates to support these amenities.

Main Factors Affecting Property Taxes:

  • Home Value: Higher-valued homes generally have higher taxes.
  • Neighborhood Services: Areas with more city services and public amenities often have higher millage rates.
  • Local Assessments: Additional fees for services like street cleaning or community improvements may be applied.

Discover these things to know about Miami if you are planning to move to the sun city!


How to Estimate Your Property Taxes in Miami

Before purchasing a home, estimating property taxes can help you avoid unexpected costs. Use the millage rate for your neighborhood and multiply it by the home’s assessed value to calculate your estimated property tax.

Simple Calculation Example:

  1. Find the Millage Rate: Check the latest millage rate for your neighborhood.
  2. Multiply by Assessed Value: If a home is valued at $500,000, and the millage rate is 1.73%, the annual property tax would be approximately $8,650.


Homestead Exemptions and Tax Relief Programs

Florida’s Homestead Exemption offers significant tax savings for primary residence owners, reducing the taxable value of a property by up to $50,000. This exemption can significantly lower annual property taxes and is available to homeowners who occupy their property as their primary residence. Additional exemptions may apply for seniors, veterans, and persons with disabilities.

Benefits of Homestead Exemption:

  • $50,000 Reduction: Reduces the taxable value by $50,000 for primary residences.
  • Save on Annual Taxes: Lowers the overall tax bill, making homeownership more affordable.
  • Additional Exemptions: Extra tax relief options are available based on age, disability, or veteran status.

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How Property Taxes Affect Your Monthly Mortgage Payment

Property taxes are typically bundled with your mortgage payment through an escrow account, meaning part of your monthly mortgage goes toward annual property taxes. This arrangement can help homeowners budget and avoid a large tax bill at the end of the year. However, it also means higher monthly payments.

Important Points for Buyers:

  • Escrow Accounts: Monthly payments often include property tax estimates held in escrow.
  • Monthly Budget Impact: Higher property taxes mean higher monthly mortgage payments.
  • Tax Adjustments: Property tax rates may change, affecting your mortgage escrow amounts over time.

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How to Appeal Property Tax Assessments in Miami

If you believe your property has been over-assessed, you have the right to appeal. To initiate an appeal, file a petition with the Miami-Dade County Value Adjustment Board and provide evidence that supports a lower assessed value. Common grounds for appeal include comparing the property’s value to similar homes in the area or presenting data that shows an error in the initial assessment.

Steps to Appeal Property Taxes:

  1. File a Petition: Submit a petition to the Value Adjustment Board within the designated appeal period.
  2. Provide Supporting Evidence: Use comparable property values or appraisals to substantiate your appeal.
  3. Attend a Hearing: Be prepared to present your case at a formal hearing.

Learn How to Appeal Property Tax Assessments and Browse Listings with Us

Property taxes are an important part of homeownership in Miami. Understanding the rates, tax relief programs, and how taxes influence monthly costs can help you make an informed decision when buying a home. From estimating taxes to navigating homestead exemptions, knowing the ins and outs of Miami’s property tax structure will enable you to budget effectively and find the perfect home.

Whether you’re looking for a home with lower taxes or a luxury condo in a prime neighborhood, the Sosa Team is here to help you navigate Miami’s real estate market. Explore our listings and get started on finding your dream home in Miami!


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