Miami Area Real Estate Tax Estimator

Presented by Broker Owner & Florida Real Estate Expert Nell Kellett P.A.

Property taxes are calculated by the County Tax Appraisal Department. They calculate the taxes by taking the Tax Appraisors estimate of the property value and multiplying it by a 'Millage Rate'  Millage is just a multiplier that allows the Tax Appraisers to determine the taxes you will pay.

The Assessed Value is determined by the County Tax Appraiser;

The Market Value is determined by what buyers are willing to pay for a property.

When a property sells the taxes are recalculated to reflect the current Assessed Value. Many home owners pay property taxes on less than  assessed or market value because if the home is 'Homesteaded' under Florida Law property taxes can only rise by 3% per year. If someone has owned a home for many years their taxes, which have only risen by 3% per year, are much less than 'current market'. The Homestead Exemption lowers the Estimated Property Value by $25,000...a tax break for people who live in their own home.

In order to estimate the taxes on a purchase, take the Purchase Price and multiply by 0.7.( Properties sell for more than the Tax Appraisers estimate of value) and then enter that amount into the Dade County Tax Estimator Calculator to be found in following link.

Example:                                                              Sale  Price $200,000                   

Multiply by 0.7                                                       Tax Value  $140,000

Multiply by 26 (Average millage)                              Tax Range $2600 to $3000

These number are only good faith estimates ( in many instances they will over-estimate the taxes) and the properties actual taxes may be more or less depending on the Tax Assessors Valuation. The Millage rate is only an estimate, rates vary by individual municipality. Actual millage rates can be found on the Dade County Tax Appraisors Site...follow the link above.