Where to Find the Lowest Property Taxes in Miami?

Where to Find the Lowest Property Taxes in Miami?

Apr 12, 2024 April 12, 2024

Miami’s growth has skyrocketed over the years as more people choose to live here for its incredible weather and low taxes. But many people considering buying Miami real estate wonder what the property tax rates in Miami are.

Moreover, most people don’t love talking about property taxes. When looking for a home, buyers focus more on living aspects, like the square footage, layout, amenities, outdoor space, or kitchen upgrades. Still, buyers must pay attention to property tax rates as part of their purchase and, once they become owners, as part of their budget.

If you’re considering buying a condo or house in Miami or Miami Beach, this guide will help you compare property tax rates in the most popular neighborhoods around the cities, and show you where to find the lowest property taxes in Miami-Dade County in 2024


— Know Your Miami and Miami Beach Property Tax Rates

In Miami-Dade County, property tax notices are sent out each year on October 30th. Below are the updated property tax rates for 2023, 2022, and 2021 based on the annual Miami-Dade millage rates.

As indicated in the table, there’s not too much of a difference between Miami’s lowest property tax rates and the areas with the highest rates. However, this quickly could turn into precious hundreds or thousands if you’re looking at high-end and luxury properties, especially considering that Miami property values have increased significantly over the last few years.

And while average Miami-Dade County property taxes are known to be high compared to other U.S. counties, in recent years, Miami area property taxes have actually decreased year-over-year (see below), adding to the extensive list of reasons why Miami is the best real estate market to invest in. Also, there are ways to save on your Miami property taxes, although we always suggest speaking with a Florida tax expert to get the best Miami property tax advice.


— Which Miami Dade City Has the Lowest Property Tax?

Most surprisingly, the Miami-Dade city with the lowest property tax rate is the exclusive Key Biscayne with a 1.58% tax rate, while Biscayne Park has the highest Miami-area property tax at 2.46%. Also worth noting is that the exclusive beachfront neighborhood of Bal Harbour has low property taxes at 1.68%. 


— Miami-Dade Property Tax Rates (2023, 2022, and 2021): Highest Property Tax to Lowest Property Tax

City

2023 Property Tax Rate

2022 Property Tax Rate 

2021 Property Tax Rate 

Biscayne Park

2.46%

2.46%

2.52%

El Portal

2.34%

2.34%

2.39%

Miami Shores

2.28%

2.28%

2.36%

North Bay Village

2.20%

2.17%

2.25%

North Miami Beach

2.13%

2.14%

2.21%

Indian Creek (Miami Beach)

2.10%

2.14%

2.19%

Greater Downtown Miami 

2.10%

2.10%

2.17%

City of Miami*

2.05%

2.06%

2.12%

Miami Beach**

1.93%

1.92%

1.93%

Surfside

1.89%

1.90%

1.96%

Bay Harbor Islands

1.83%

1.83%

1.92%

Coral Gables

1.83%

1.83%

1.88%

Pinecrest

1.75%

1.75%

1.80%

Sunny Isles Beach

1.70%

1.71%

1.77%

Unincorporated Miami-Dade County

1.70%

1.70%

1.76%

Aventura

1.69%

1.69%

1.74%

Bal Harbour

1.68%

1.68%

1.73%

Key Biscayne

1.58%

1.59%

1.64%

*The City of Miami includes Coconut Grove and Edgewater. 
**Miami Beach property tax rate is the average of the two areas encompassing Miami Beach. 


Don’t see your city here? Here’s the full list of
2023 Property Tax Millage Rates for the Miami Area.


— How Are Miami Property Tax Millage Rates Calculated? Where Does the Property Tax Money Go?

While the chart above shows tax rates as a percentage, local governments don’t set rates in this manner. 

Each year, county and municipal governments, as well as local taxing authorities (such as the School Board, South Florida Water Management District, and Children's Trust), determine what the property tax rates will be for each city, also known as millage rates. The millage rate is the amount of property tax charged per $1,000 of the property’s assessed/taxable value. So, cities approve millage rates instead. 

Understanding how Miami property tax and millage rates are calculated can be confusing, so here’s an example. Suppose the millage rate decided by your local government is 25 mills. This means you will be paying $25 for every $1,000 of the assessed value of your property. This turns out to be 2.5% of the assessed/taxable value.


— Where Does Your Property Tax Money Go?

The local governments (city, county, etc.) determine property taxes based on the total budget needed to keep their jurisdiction running without financial issues. In Miami-Dade County, the Property Appraiser’s Office assesses and mails out the current year's property values by July. Local municipalities will create the millage rate according to how much total tax revenues they need.

Typically, your property taxes will pay for parks, emergency services (fire, police), transportation, education, libraries, and recreational activities. These are called non-ad valorem assessments.


— What Goes into Miami Dade’s Property Taxes? 

Miami-Dade County also has an interactive property tax visualizer that shows you exactly where your tax money goes, and lets you compare it to other municipalities' millage rates.

Using the county’s property tax visualizer, here is an example of what the property tax and non-ad valorem taxes could be for a condo in Edgewater, Miami. This condo is a two-bedroom, 2.5 bath with 1,673 square feet. Edgewater is within the City of Miami, so its millage rate for 2023 was 2.05%.

2023 Ad Valorem Taxes


— What Affects Property Tax Rates in Different Neighborhoods? 

As you may note in the table, the economic status of a neighborhood doesn’t seem to affect property tax rates at all. Some of the more desirable Miami neighborhoods on the list also enjoy a tax rate below 2%. High home values help keep rates down, which explains lower rates in places like Key Biscayne, Bal Harbour, Miami Beach, and other neighborhoods with high property values.

Another major reason behind this rate disparity is the vertical development of condominium towers. For one, it’s logistically easier for a city to service blocks filled with high-rise condominiums, as opposed to a town that stretches out. 

For instance, it is cheaper to install and maintain a sewage line servicing a 60-unit condo than 60 houses in a row. And secondly, condo complexes pack in more taxpayers than larger single-family home estates. This is why a new condo development in your area could translate into good news for your property tax!

If you have any questions about the lowest property tax rate in Miami for a new condo or home you are looking at, please give us a call and we’ll be happy to help you.

 

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