Calculating South Florida Property Taxes

As you create a budget and save up to buy a home in South Florida, it's important to estimate every cost and fee you'll have to pay. Property taxes make up a portion of your monthly mortgage payment, and based on the size and condition of your home, they may represent anywhere from a few hundred to a few thousand dollars. Estimating property taxes can help you to determine your South Florida home-buying budget.

Want to learn more about how property taxes are assessed and calculated here in South Florida? We can answer these, and any other, home-buying questions you might have. Contact us at any time.

How Are Property Taxes Calculated in South Florida?

Assessed
Value

(minus exemptions)

times

Millage
Rate

times

1,000

times

Your
Property Tax

Assessed Value

The assessed value is the value of your property as determined by a Property Appraiser.

Exemptions

Exemptions allow you to save up to thousands of dollars in property taxes. There are a number of exemptions South Florida buyers may take advantage of, such as the homestead tax exemption. This allows a homeowner to reduce their home's assessed value by up to $50,000 for tax purposes (provided that the homeowner is a Florida resident and uses the property as a primary residence).

Millage Rates

The millage rate is a dollar amount per $1,000 of a home's taxable property value. Cities, school districts, and county departments in Miami-Dade and Broward Counties may set their own millage, all of which are added up to determine the total millage rate.

Tools for Estimating Your Property Taxes

You can also use Miami-Dade County's Tax Estimator tool and Broward County's New Homebuyer Tax Estimator tool to estimate property taxes for your new home or condo. These are highly useful tools for calculating Broward County and Miami-Dade County property taxes.

When Are Property Values Assessed?

August (second week)


Notices of Property Taxes (TRIM Notice) are mailed out.

November (first week)


Tax bills are mailed to property owners.

For additional dates related to property tax collection and assessment, visit the Broward County tax roll calendar or the Miami-Dade County Tax Collector website.

There is a 25-day period where homeowners can receive an explanation of their property's assessed value. The Tax Notice will then be mailed in November to homeowners and become delinquent if not paid by April 1st.

Whom Should I Contact About Property Tax Assessments?

Miami-Dade County

Miami-Dade Government Center
Office of the Property Appraiser

111 NW First Street, Suite 710
Miami, Florida 33128

Miami-Dade Property Appraiser's Website

Broward County

Broward County Governmental Center
Broward County Property Appraiser's Office

115 South Andrews Avenue, Room 111
Fort Lauderdale, Florida 33301

Broward Property Appraiser's Website

Have More Questions About South Florida Property Taxes?

Searching for a home? We can answer any questions you have about local communities, property taxes, and the real estate transaction as a whole. If you're planning on purchasing a home in Miami-Dade or Broward County, please don't hesitate to reach out to the Scott Patterson Group! We can walk you through property taxes, mortgage information, and everything else you need to make a wise financial decision about buying or selling a home in South Florida.