Miami Beach Real Estate Property Taxes

Who or what determines real estate property taxes in Miami Beach ? Actually a who and a what. Property taxes are assessed ad valorem (at full value) on all parcels of land and buildings in Miami-Dade County . The most frequent reason a property value changes is due to a fluctuation in the market.

The first component of determining the real estate property tax in Miami-Dade County is ascertaining the value of the property. This is the job of the Property Appraiser.

The Property Appraiser uses three approaches to determine the value of the property .

  1. Comparable Sales Approach: This is comparing the property to others similar to it, recently sold in the area.
  2. Cost Approach: This is based on how much money, at current material and labor costs, it would take to replace the property
    with one exactly like it.
  3. Income Approach: This is used if the property provides rental income.

Once the property value has been assessed, it is actually the Millage Rate that determines the real estate property tax in Miami-Dade County . The Millage Rate is the rate at which property taxes are levied. A Mill is $1.00 for every $1,000 of property value. The School Board, The Miami Board of County Commissioners, and other taxing authorities set the rate for properties within their boundaries.

To figure your Miami Beach property taxes, take the assessed value of the property, subtract any exemptions, multiply that number by the millage rate, and divide by 1,000. For example, a property with $100,000 in taxable value, with a millage rate of 2.5 would generate $250 in taxes.

For more in formation and current millage rates, check the Miami-Dade Tax Assessors web site at http://www.miamidade.gov/pa/home.asp or call 305-375-1205.

Some other Helpful Real Estate and Tax Related Web sites:

Florida Homestead Exemption Page site from the State of Florida Internal Revenue website. In depth information about this important exemption for Florida Residents. www.state.fl.us/dor/property/exemptions.html

Florida State Property Tax Administration Facts, guidelines, links and downloads about Florida Property tax. www.state.fl.us/dor/property


Streamline Properties is more than happy to help our clients decipher tax related paperwork. Call us today and stop worrying about your Miami Beach real estate property taxes, already!