Real estate professionals in the Miami area should understand the city’s annual property tax rates. Your knowledge of property taxes for Miami listings helps your clients make informed buying decisions.
As you plan your real estate business strategy for 2026, get familiar with Miami‘s current property tax rates. If you don’t know where to start, bookmark this article. We cover all of that tax talk and more below.
Property tax rates in Miami for 2025 fiscal year
Miami, the seventh-largest city in the United States, is best known for its white sand beaches, aquatic adventures, and exciting nightlife. This south Florida city is a huge tourist destination, seeing over 20 million tourists annually. Locals, on the other hand, enjoy art and fashion, delicious cuisine, and no state income tax.
The current property tax rate in Miami is 19.9878 per thousand of the home’s fair market value. A slight decrease since 2024’s 20.0332 millage rate.
If you’re living downtown, or what’s known as Miami DDA, the total millage for is 20.3778, which is also a slight decrease since 2024.
While Florida has no state income tax, Miami-Dade locals pay the highest property tax rates in the state.
Will property tax rates rise?
While property tax rates are set by local authorities—not the Property Appraiser—your tax bill can still go up due to changes in your property’s assessed value.
By law, all properties must be assessed at market value:
- No homestead exemption: Assessed value = market value.
- With a homestead exemption (2+ years): Increases are capped at 3% annually.
- Adding a new owner: If they apply for a homestead exemption, the 3% cap may be removed—even if the original owner stays—potentially raising your tax bill. (There are exceptions, like adding a spouse.)
Understanding changes to tangible personal property
Tangible personal property (like business equipment) can see increased assessments due to new purchases, audits, or inspections. Values are based on assets as of January 1 each year.
If your neighbor pays less in taxes, it could be because:
- They’ve had their homestead exemption longer,
- They haven’t made home upgrades,
- Or they have a homestead exemption and you don’t.
Understanding impacts on assessed property values
Assessed values can decrease as well, typically due to storm damage, demolition, or asset depreciation. Even if assessed values stay flat, taxes can rise or fall depending on local tax rates.
Potential upcoming impacts on your property taxes
Florida lawmakers are considering HJR 203, a resolution that could eliminate most non-school property taxes for homesteaded residences by 2027.
Local officials warn this would drastically deplete the general fund, leading to tens of millions in lost revenue for public health and stalled budget growth for essential services like police and fire rescue.
Bottom line: Your property taxes may increase if your assessed value goes up or if local governments raise tax rates. And even when rates drop, rising home values can still push your tax bill higher. For personalized advice, consult a tax professional or your local authority.
Tax rates in surrounding areas
Miami’s property tax rates may scare away potential homeowners. Fortunately, Miami is accessible from several other cities nearby. If Miami isn’t in the cards, buyers can consider surrounding areas with lower property tax rates.
For reference, here are some millage rates for other areas in Miami-Dade County:
- Key Biscayne: 15.5108
- Bal Harbour: 16.8854
- Doral: 17.2203
- Pinecrest: 17.5257
- Coral Gables: 18.1852
- Medley: 18.8727
- Hialeah: 18.6468
- Miami Springs: 21.8327
- North Bay Village: 21.8955
- Miami Shores: 22.6746
- Golden Beach: 23.4227
- Opa-Locka: 24.0024
What does property tax revenue fund in Miami?
Property tax revenue funds several localized necessities and projects in Miami-Dade county.
Like most counties, property taxes in the Miami area are levied by:
- Transportation
- Infrastructure
- Public schools
- Municipal projects
- Water management
- The Children’s Trust
- Everglades CP
- Okeechobee Basin
Property owners in Miami, Florida, may qualify for certain homestead exemptions. To learn more, check with the local county appraisal district.
Important information to know when moving to Miami, FL
If you have a buyer looking at listings in Miami, Florida, it’s important to share some vital tax information and dates.
We mentioned above that Florida does not have any state income tax, which helps keeps the cost of living reasonable. Additionally, there are discounts on property taxes for residents who pay early.
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This blog offers general information sourced from credible references. Property tax rates and related details may change over time. For guidance specific to your situation, please consult a tax professional or your local tax authority.
FAQ
What is the current property tax rate in Miami for the 2025 fiscal year?
The current property tax rate in Miami is 19.9878 per thousand of the home’s fair market value.
Will Miami property taxes go up in 2026?
Even if tax rates decrease, property taxes may still rise if assessed home values increase.
Why might my neighbor pay less in property taxes than I do?
They may have a long-standing homestead exemption or haven’t made property improvements that increase assessed value.
What does property tax revenue fund in Miami-Dade County?
Property taxes help fund public schools, transportation, infrastructure, water management, and local projects like The Children’s Trust and Everglades CP.
