Real estate professionals in the Miami area should understand the city’s annual property tax rates. Your knowledge of property taxes for Miami listings helps your clients make informed buying decisions. 

As you plan your real estate business strategy for 2025, get familiar with Miami‘s current and upcoming property tax rates. If you don’t know where to start, bookmark this article. We cover all of that tax talk and more below. 

Property tax rates in Miami for 2025

Miami, the seventh-largest city in the United States, is best known for its white sand beaches, aquatic adventures, and exciting nightlife. This south Florida city is a huge tourist destination, seeing over 20 million tourists annually. Locals, on the other hand, enjoy art and fashion, delicious cuisine, and no state income tax. 

The property tax rate in Miami is 20.0332 per thousand of the home’s fair market value, making the property tax rate right around 2%. A slight decrease since 2023’s 20.5564 millage rate.

If you’re living downtown, or what’s known as Miami DDA, the total millage for is 21.0833, which is a decrease of 2.93% since 2022.

While Florida has no state income tax, Miami-Dade locals pay the highest property tax rates in the state. 

Will property tax rates rise?

While property tax rates are set by local authorities—not the Property Appraiser—your tax bill can still go up due to changes in your property’s assessed value.

By law, all properties must be assessed at market value:

  • No homestead exemption: Assessed value = market value.
  • With a homestead exemption (2+ years): Increases are capped at 3% annually.
  • Adding a new owner: If they apply for a homestead exemption, the 3% cap may be removed—even if the original owner stays—potentially raising your tax bill. (There are exceptions, like adding a spouse.)

Understanding changes to tangible personal property

Tangible personal property (like business equipment) can see increased assessments due to new purchases, audits, or inspections. Values are based on assets as of January 1 each year.

If your neighbor pays less in taxes, it could be because:

  • They’ve had their homestead exemption longer,
  • They haven’t made home upgrades,
  • Or they have a homestead exemption and you don’t.

Understanding impacts on assessed property values

Assessed values can decrease as well, typically due to storm damage, demolition, or asset depreciation.

Even if assessed values stay flat, taxes can rise or fall depending on local tax rates. In 2022, for the first time in a decade, Miami-Dade commissioners approved a 1% millage rate cut on the county’s four property taxes. The previous rate in 2021 was 21.2466. While this cut provided some relief, home values had increased by 10% between 2020 and 2021, so most homeowners still saw higher tax bills in 2023 despite the rate cut.

It’s also important to note: the millage cut did not apply to homes within Miami city limits, including downtown properties—only those outside the city benefited from the reduced rate.

Bottom line: Your property taxes may increase if your assessed value goes up or if local governments raise tax rates. And even when rates drop, rising home values can still push your tax bill higher. For personalized advice, consult a tax professional or your local authority.

Tax rates in surrounding areas

Miami’s property tax rates may scare away potential homeowners. Fortunately, Miami is accessible from several other cities nearby. If Miami isn’t in the cards, buyers can consider surrounding areas with lower property tax rates. 

For reference, here are some millage rates for areas within two hours of Miami, Florida:

  • Monroe County: 6.45580 to 10.79650
    • Marathon
    • Key Largo
    • Stock Island
    • Islamorada
  • Martin County: 15.9842 to 18.0807
    • Stuart
    • Sewall’s Point
    • Ocean Breeze
    • Jupiter Island
  • Collier County: 3.2203
    • Naples
    • Marco Island
    • Immokalee
    • Lely

What does property tax revenue fund in Miami?

Property tax revenue funds several localized necessities and projects in Miami-Dade county. 

Like most counties, property taxes in the Miami area are levied by: 

Property owners in Miami, Florida, may qualify for certain homestead exemptions. To learn more, check with the local county appraisal district. 

Important information to know when moving to Miami, FL

If you have a buyer looking at listings in Miami, Florida, it’s important to share some vital tax information and dates. 

We mentioned above that Florida does not have any state income tax, which helps keeps the cost of living reasonable. Additionally, there are discounts on property taxes for residents who pay early. 

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This blog offers general information sourced from credible references. Property tax rates and related details may change over time. For guidance specific to your situation, please consult a tax professional or your local tax authority.

FAQ

The current property tax rate in Miami is 20.0332 per thousand, or approximately 2% of a home’s fair market value.

Even if tax rates decrease, property taxes may still rise if assessed home values increase.

No, the 2022 millage rate cut only applied to properties outside Miami city limits.

They may have a long-standing homestead exemption or haven’t made property improvements that increase assessed value.

Property taxes help fund public schools, transportation, infrastructure, water management, and local projects like The Children’s Trust and Everglades CP.