Miami property taxes and exemptions

Miami is one of the best places to invest in real estate because of the incredible tax benefits investors receive. Below, we will discuss some of them.

Property taxes in Florida are below the national average

The amount property owners must pay to the state according to the value of their land or buildings varies from state to state. In Florida, there is no state-level tax; rather, each county sets the taxes it deems appropriate based on its needs.

Check out our list of the best neighborhoods in Miami to invest in here.

Because of this, the average property tax in Florida is 0.98%, slightly lower than the U.S. average of 1.08%. You can consult the value by county in the following table.

County	Average Tax Payment	Average Effective Property Tax Rate
Alachua	$1,965	1.18%
Baker	$947	0.78%
Bay	$1,144	0.69%
Bradford	$761	0.84%
Brevard	$1,460	0.90%
Broward	$2,503	1.12%
Calhoun	$520	0.65%
Charlotte	$1,706	1.03%
Citrus	$939	0.80%
Clay	$1,444	0.87%
Collier	$2,233	0.71%
Columbia	$1,144	1.02%
DeSoto	$1,014	1.21%
Dixie	$542	0.76%
Duval	$1,519	0.97%
Escambia	$998	0.79%
Flagler	$1,726	0.92%
Franklin	$909	0.67%
Gadsden	$865	0.85%
Gilchrist	$760	0.79%
Glades	$848	1.06%
Gulf	$888	0.59%
Hamilton	$710	0.97%
Hardee	$841	1.04%
Hendry	$978	1.23%
Hernando	$1,094	0.91%
Highlands	$846	0.96%
Hillsborough	$1,836	1.02%
Holmes	$569	0.62%
Indian River	$1,476	0.86%
Jackson	$579	0.61%
Jefferson	$1,133	0.86%
Lafayette	$802	0.79%
Lake	$1,476	0.95%
Lee	$1,853	0.97%
Leon	$1,851	0.99%
Levy	$745	0.84%
Liberty	$574	0.92%
Madison	$771	0.88%
Manatee	$1,839	0.93%
Marion	$1,177	0.99%
Martin	$2,276	0.98%
Miami-Dade	$2,523	1.04%
Monroe	$2,971	0.69%
Nassau	$1,727	0.85%
Okaloosa	$1,426	0.72%
Okeechobee	$1,130	1.26%
Orange	$1,949	1.01%
Osceola	$1,503	0.91%
Palm Beach	$2,712	1.12%
Pasco	$1,290	0.96%
Pinellas	$1,566	0.94%
Polk	$1,101	0.91%
Putnam	$908	1.10%
Santa Rosa	$2,662	0.97%
Sarasota	$1,856	1.23%
Seminole	$1,303	0.76%
St. Johns	$1,885	0.88%
St. Lucie	$1,902	0.94%
Sumter	$2,252	0.94%
Suwannee	$909	0.98%
Taylor	$765	0.90%
Union	$780	0.88%
Volusia	$1,468	0.98%
Wakulla	$1,050	0.79%
Walton	$1,087	0.54%
Washington	$699	0.68%

Source: Smart Asset

As you can see, Miami is in an excellent position, slightly below the national average and well below counties like Okeechobee.

How is property tax calculated in Miami?

The tax calculation is based on the market price of your property and the millage rate set by the county each year. For the 2022 tax year, the millage rate in Miami-Dade is 6.2 mills per $1,000 of assessed property value.

The amount you must pay may change following market fluctuations, renovations, etc. which may alter the value of your property.

Don’t know how to identify a good real estate investment? Read this article.

There is a wide variety of tax exemptions for properties in Miami

In Florida, homeowners are entitled to additional exemptions and benefits that may reduce their property tax liability. Here are some of the main ones.

Homestead exemption: This exemption can save homeowners up to $50,000 on the taxable value of their permanent residence or that of their dependents.

Save Our Homes Cap: This benefit limits the annual increase in assessed value to 3% or the Consumer Price Index (CPI), whichever is less. At first glance, it doesn’t sound like much, but it can save thousands of dollars over the long term.

Surviving Spouses of First Responders: The surviving spouse of a first responder who died in the line of duty may receive a full homestead exemption.

Other property tax exemptions are:

Tangible Personal Property Tax Return
Economic Development Ad Valorem Property Tax Exemption
Real Property Dedicated in Perpetuity for Conservation
Ad Valorem Tax Exemption Application and Return for Proprietary Continuing Care Facility
Ad Valorem Tax Exemption Application and Return for Charitable, Religious, Scientific, Literary Organizations, Hospitals, Nursing Homes, and Homes for Special Services

There are many options available to you to reduce your obligation to pay taxes. Contact your local tax appraiser for complete details on these and other Miami tax exemptions!

Do you have a property you want to sell or rent? We can help you turn that property into income instead of expenses. Contact us today!

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