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. An integral part of the home purchase is estimating the various property taxes you'll have to pay for the home over the years. Combined with your monthly insurance costs and mortgage payments, you'll want to make sure you're taking everything into account as you set your home-buying budget in South Florida.
To help you determine the amount of property taxes your new home requires, find the answers to frequently asked questions below. Have any other questions related to property taxes in South Florida or the home-buying process? Contact Scott Patterson to learn more about buying real estate in South Florida.
How Are Property Taxes Calculated in South Florida?
Use the following formula to estimate your property taxes for Miami-Dade County or Broward County:
(Assessed value minus Any Exemptions) times the millage rate and divided by 1000
The assessed value is the value of your property as determined by a Property Appraiser.
Exemptions allow you to save up to thousands of dollars in property taxes. One example is Florida's homestead tax exemption, which 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).
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?
Properties are assessed each year on January 1st in Broward County and Miami-Dade County. Other important dates regarding property taxes are as follows:
- August (second week) — Notices of Property Taxes (TRIM Notice) are mailed out
- November (first week) — Tax bills mailed to property owners
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 Government Center
Office of the Property Appraiser
111 NW First Street, Suite 710
Miami, Florida 33128
Broward County Governmental Center
Broward County Property Appraiser's Office
115 South Andrews Avenue, Room 111
Fort Lauderdale, Florida 33301
Have More Questions About Property Taxes?
Scott Patterson can answer any question 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 Scott! He is able to walk you through property taxes, mortgage information, and everything else you need to make a wise financial decision in the South Florida real estate market. Contact Scott today for additional information.