How much are your Miami property taxes?

How much are your Miami property taxes?

Taxes in Florida are based on a municipalities millage rate. The millage rate is the amount per $1,000 used to calculate taxes on property. For instance a home assessed at $1,000,000 in Coral Gables in 2017 is looking at a millage rate of 18.71 or 1.87%, equaling an annual tax bill of $18,700. Note, this is not taking into consideration any exemptions the property owner may be eligible for.

The lowest rate is actually in one of Miami’s wealthiest neighborhoods, Key Biscayne at 1.62%. The tax rate averages between +/- 1.6% – 2.5% over all municipalities in Miami Dade. Biscayne Park currently holds the highest tax rate at 2.53%.

The tax rate below combines all of the property taxes a city resident pays:

Note, tax rates are applied to a home’s tax-assessed value. Reach out to us if you questions regarding your home or the tax implications if you are moving locations.

 

Lindsey Brown P.A
EWM Realty International
305.494.3398

This hCard created with the hCard creator.

Speak Your Mind

*