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 2023, 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 2023
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 20.6152 per thousand of the home’s fair market value, making the property tax rate 2.06%.
If you’re living downtown, or what’s known as Miami DDA, the total millage for 2022 is 21.0833, which is slightly lower than the 2021 millage rate of 21.7147.
While Florida has no state income tax, Miami-Dade locals pay the highest property tax rates in the state.
Will property tax rates rise?
For the first time in a decade, Miami-Dade commissioners voted for rate cuts on the county’s four property taxes. Commissioners agreed on a 1% millage rate cut, which provides some relief to homeowners. The previous millage rate in 2021 was 21.2466.
Unfortunately, with home values increasing by 10% between 2020-2021, Miami-Dade homeowners will still experience higher taxes in 2023 regardless of the endorsed millage rate cut.
Furthermore, Miami city homeowners, or those living downtown, won’t see the decrease in property tax as the rate cut only applies to properties outside city limits.
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: 6.65310 to 10.49990
- Marathon
- Key Largo
- Stock Island
- Islamorada
- Martin County: 16.23 to 18.3378
- Stuart
- Palm City
- Ocean Breeze
- Jupiter Island
- Collier County: 4.4407
- 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:
- Transportation
- Infrastructure
- Public schools
- Municipal projects
- Water management
- The Children’s Trust
- Everglades CP
- Okeechobee Basin
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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