Example of Miami-Dade County Property Tax Calculation
Miami-Dade County uses a formula to calculate property taxes based on the assessed value of a property. For example, if a property is valued at $200,000 and the tax rate is 1.5%, the property tax would be $3,000.
To determine the assessed value of a property, the county uses the market value of the property and applies a predetermined assessment percentage. In Miami-Dade County, the assessment percentage is currently set at 100% for residential properties.
Once the assessed value is determined, the county applies the tax rate to calculate the property tax. The tax rate is determined by the county and can vary depending on the area and type of property.
It's important to note that certain exemptions may apply that can lower the assessed value and ultimately the property tax. For example, a homestead exemption can provide a significant reduction in property taxes for primary residences.
Overall, the calculation of Miami-Dade County property taxes is based on the assessed value of a property and the tax rate determined by the county. By understanding this formula and any applicable exemptions, property owners can better anticipate and plan for their tax obligations.
If you want appeal your property tax assessment - contact your local tax assessor.
Miami-Dade County Property Tax Rates
The table below outlines the current property tax rates for Miami-Dade County in US dollars per $100 of assessed property value:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Countywide | $0.6043 |
| Municipal Services | $0.1985 |
| Municipal Bond Indebtedness | $0.1095 |
| Children's Trust | $0.0566 |
| Jackson Health System | $0.2262 |
| Total Millage Rate | $1.1951 |
It is important to note that these rates may vary depending on the specific location and assessed value of the property. Property owners in Miami-Dade County should consult with a tax professional to ensure compliance with all applicable tax laws and regulations.
Who sets property tax rates in Miami-Dade County ?
In Miami-Dade County, property tax rates are set by the County Commission. This governing body meets annually to review and approve the budget for the coming fiscal year, which includes setting the property tax rates. The rates are based on the assessed value of the property, as determined by the Property Appraiser's Office. Property owners receive a notice of their estimated taxes in August, and the final tax bills are sent in November. It is important for property owners to understand how their property taxes are calculated and to stay informed about any changes to the rates.
| County Commission | Sets property tax rates annually | Based on assessed property value | Property owners receive notice in August |
|---|---|---|---|
| Property Appraiser's Office | Determines assessed value of property | ||
| Property owners | Receive final tax bills in November |
Homestead exemptions in Miami-Dade County ?
To help homeowners in Miami-Dade County, Florida, understand their Homestead exemptions and deductions, the following table provides a breakdown of county-specific information.
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| Homestead Exemption | Primary residence | Up to $50,000 | Must be a permanent resident of Florida and have owned the property on January 1 of the tax year. Applications must be submitted by March 1st. The exemption applies to the assessed value of the property, up to $50,000. |
| Senior Exemption | Primary residence | Up to $50,000 | Must be 65 years or older, and must have owned the property for at least 25 years. Applications must be submitted by March 1st. The exemption applies to the assessed value of the property, up to $50,000. |
| Widow or Widower Exemption | Primary residence | Up to $500 | Must be a widow or widower and must have owned and occupied the property as a primary residence on January 1 of the tax year. Applications must be submitted by March 1st. |
| Disability Exemption | Primary residence | Up to $500 | Must be totally and permanently disabled and must have owned and occupied the property as a primary residence on January 1 of the tax year. Applications must be submitted by March 1st. |
| Disabled Veteran's Exemption | Primary residence | Up to $5,000 | Must be a veteran who is at least 10% disabled due to service-connected injuries or diseases. The exemption is also available to the veteran's surviving spouse. Applications must be submitted by March 1st. |
| Combat Disabled Veteran's | Primary residence | 100% exemption | Must be a veteran who is 100% disabled due to service-connected injuries or diseases. The exemption is also available to the veteran's surviving spouse. Applications must be submitted by March 1st. |
| Total and Permanent Disability | Mobile or manufactured home only | Up to $5,000 | Must be totally and permanently disabled and must own the mobile or manufactured home. The exemption applies to the assessed value of the property, up to $5,000. Applications must be submitted by March 1st. |
| Deployed Military Exemption | Homestead property or vehicle | Varies | Must be deployed during the preceding calendar year on active duty outside of the continental United States, Alaska, or Hawaii in support of designated military operations. Applications must be submitted by March 1st. |
| Agricultural Classification | Agricultural property | Varies | Property must be used primarily for bona fide agricultural purposes. The property must meet specific criteria to qualify for this classification. |
It is important to note that homeowners must apply for these exemptions and deductions each year by submitting the appropriate documentation by March 1st. Failure to apply will result in the loss of the exemption for that tax year. Homeowners should contact the Miami-Dade County Property Appraiser's Office for more information and assistance with the application process.
When is Miami-Dade County Property Tax due ?
Miami-Dade County Property Tax is typically due on April 1st of each year, with a 4% discount available to those who pay their taxes before November 30th of the previous year. The payment methods available for property tax payment include online payment, mail, in-person, and by phone.
Here is a breakdown of the payment methods available:
| Payment Method | Instructions |
|---|---|
| Online | Property owners can pay their taxes online using a secure payment portal. This method accepts electronic checks, credit cards, and debit cards. |
| Property owners can send a check or money order made payable to the Miami-Dade County Tax Collector's Office. The payment must include the property owner's account number and be postmarked by the due date. | |
| In-Person | Property owners can make a payment in person at the Miami-Dade County Tax Collector's Office or at one of their satellite locations. Acceptable forms of payment include cash, check, credit card, and money order. |
| Phone | Property owners can make a payment by phone using a credit card or electronic check. Call the Miami-Dade County Tax Collector's Office at (305) 270-4916 to make a payment over the phone. |
It is important to note that failure to pay property taxes on time can result in interest and penalties being added to the amount due. Therefore, property owners are encouraged to pay their taxes promptly to avoid additional fees.
If you have more questions - contact your local tax collector.
How is Miami-Dade County Property Tax penalty calculated ?
Miami-Dade County Property Tax Penalty Calculation
When a property owner fails to pay their property tax on time in Miami-Dade County, they will incur a penalty. The penalty is calculated based on the amount of taxes due and the number of days the payment is late. Here's an example of how the penalty is calculated:
Let's say a property owner owes $5,000 in property taxes for the year 2021. The payment is due on November 30, 2021, but the property owner fails to make the payment until January 15, 2022, which is 46 days late.
To calculate the penalty, Miami-Dade County uses a 3% penalty rate for the first month the payment is late, followed by an additional 1.5% penalty rate for each additional month the payment is late. Using this formula, the penalty for the above example would be:
- 3% penalty for the first month (December 2021): $5,000 x 3% = $150
- 1.5% penalty for the second month (January 2022): $5,000 x 1.5% = $75
Total penalty: $150 + $75 = $225
Therefore, the property owner would owe a total of $5,225 ($5,000 in taxes + $225 in penalties) for the year 2021.
It's important to note that if the property owner fails to pay the taxes and penalties within a certain timeframe, the county can put a lien on the property and eventually foreclose on it. Property owners should always make sure to pay their property taxes on time to avoid penalties and potential legal issues.
We recommend contacting the Miami-Dade County Tax Office or a local tax professional for the most up-to-date and accurate information.