How Much Are Property Taxes in Miami?

Calculate your property taxes in Miami by multiplying your home’s market value by 2.06152%. If you live in Downtown Miami (Miami DDA), the tax rate is 2.10833%.

Property tax (millage) rates vary by city within Miami-Dade County. Refer to this table to view tax rates throughout Miami-Dade.

Note that market (assessed) value for tax purposes is based on your home’s market value less any exemptions you qualify for, such as the Homestead Exemption.

Property taxes in Miami consist of ad valorem taxes as outlined above in addition to non-ad valorem assessments. A non-ad valorem assessment is service charge or special assessment which is not based on a home’s market (assessed) value.

When you buy a home in Miami, the assessed value for tax purposes is reset to full market value. This means that any exemptions the current owner is receiving do not transfer to you. As a result, the property taxes you pay will likely be higher than the property taxes shown on the listing.

Once you purchase a property, there is a 10% annual cap in the allowable increase in assessed value for tax purposes. This means that your home’s assessed value for tax purposes cannot increase by more than 10% per year even if your property appreciates by more than 10%. This benefit is known as the Non-Homestead Cap under Florida Constitutional Amendment 1.

Homeowners who qualify for a Homestead Exemption receive a reduction in assessed value of up to $50,000.

If you qualify for a Homestead Exemption, the annual cap in assessed value increase is 3% or the Consumer Price Index (CPI), whichever is less. This is known as the Save Our Homes (SOH) Assessment Limitation.

The SOH Assessment Limitation can create a large difference between a home’s assessed value and market value over time. This is known as the SOH benefit, and it can significantly reduce a home’s property taxes.

The seller may port over her or his accrued SOH benefit to a new homestead property, but it doesn’t transfer to the new owner. Similarly, the Non-Homestead Cap resets when a property is sold.

As a result, property tax figures on listings rarely represent the actual property taxes you’ll end up paying as a new owner.

Are Miami property taxes based on the purchase price?
Do property taxes in Miami increase when a home is sold?
Is there a limit on how much property taxes can increase in Miami?

Yes. Property taxes in Miami are based on the purchase price. When you buy a home in Miami, the assessed value for tax purposes resets to full market value.

If you’re a first-time buyer, your annual property taxes in Miami will effectively be your home’s purchase price multiplied by 2.06152% (or 2.10833% if you live in Downtown Miami).

If you previously owned a home and qualified for the Homestead Exemption, you can transfer your accrued SOH benefit to your new property up to $500,000. This will reduce your property taxes.

Yes. Property taxes in Miami typically increase when a home is sold. This is because prices usually go up over time, and the assessed value for tax purposes is reset to market value when a property changes hands.

This means that any property tax exemptions the current owner is receiving do not transfer to the new owner. Neither the accrued 10% Non-Homestead Cap nor the accrued SOH Benefit under the Homestead Exemption transfer to the new owner.

Yes. The Non-Homestead Cap prohibits assessed value increases of more than 10% each year regardless of the market value increase. Note that this cap does not apply to the School Board portion of property taxes.

If you use a property as a primary residence and qualify for a Homestead Exemption, the annual cap in assessed value increase is 3% or the Consumer Price Index (CPI), whichever is less. This is known as the Save Our Homes (SOH) Assessment Limitation. You can port your accrued SOH benefit to a new homestead property subject to certain limitations.