Miami Dade Property Tax Exemptions Made Simple

Reducing Property Taxes Miami Dade Property Tax Exemptions Made Simple

Miami Dade Property Tax Exemptions Made Simple

Florida is one of the states with low property tax with an average rate of 0.83%, well below the national average of 1.07%.

Counties across Florida vary in the tax rate they charge, and Miami-Dade County sits slightly above the Florida average at 0.97%. It still counts as a homeowner-friendly place to live, though.

DoNotPay knows how important property tax can be, and we are your partner for finding exemptions, ways to lower your tax bill, and help with paying property taxes.


How Does Miami-Dade County Work Out My Property Tax?

Property tax is payable on any real estate you own and is calculated by multiplying the value of your home by the tax rate set by each county.

These two variables can be explained as follows:

  1. Property assessment
  2. Tax rate

Property Assessment

Your real property in Miami-Dade is valued every year by the Miami-Dade County Assessor. For residential property, the assessor uses two approaches to determine a fair market value for your home, as follows:

Approach

Explanation

Comparable sales approach This method looks at recent sales of properties similar to yours and tracks the growth in real estate values before applying the trends to your home
Cost approach This approach works out how much your home would cost to build at today’s labor and material costs

Having determined the market value of your property, the assessor works out its assessed value, which is the last market value plus a maximum of 3%. No matter what real estate price growth has taken place in the last year, your home’s assessed value in Florida can only increase by up to 3% or the current consumer price index each year, whichever is lower.

Tax Rate

Miami-Dade County’s tax rate is determined by the money needed to fund local amenities and services. Several taxing authorities in the county are funded by your property tax, the most important of which are:

  • County administration
  • Municipal services
  • Schools
  • Special districts

The budget for each taxing authority is totaled to come to a millage rate, one mill being equivalent to 0.1% of assessed property value.

Miami-Dade County’s millage rate in 2020 was equivalent to 0.97% of your property’s value.

Your property tax bill is the assessed value of your property multiplied by the tax rate, and the average homeowner in Miami-Dade County pays just over $2,000 each year.

Even with the relatively low tax rate in Miami-Dade County, it is worthwhile for every homeowner to look for exemptions to secure property tax discounts.

What Exemptions Can I Get in Miami-Dade County?

A property tax exemption usually takes the form of a reduction in the assessed value of your property, resulting in a lowered tax bill.

Miami-Dade County offers several exemptions to give you some relief on your annual property tax. Most are exemptions available throughout Florida, but the amounts offered are specific to each county.

The exemptions on offer are:

Exemption

Explanation

Homestead exemption All owner-occupied residences are eligible for a homestead exemption that reduces the property’s assessed value by $25,000 for all property taxes and a further $25,000 for all non-school taxes
Low-income senior citizens’ exemption Homeowners may be eligible for an exemption of $50,000 if they:

  • Are 65 or older
  • Earn less than $31,100 a year as a household (this limit is revised every year)
  • Own property valued at less than $250,000
Long-term resident senior citizens’ exemption Senior citizens who are eligible for the low-income senior citizens’ exemption may receive a further exemption of up to 100% of their home’s value if they have lived in the county for 25 years or more
Veterans’ exemption Veterans with a disability of 10% or more are eligible for an exemption on the assessed value of their home. The exact figure is determined by the level of disability up to 100%
Disabled persons’ exemption Paraplegics, hemiplegics, quadriplegics, and blind persons can apply for an exemption off the assessed value of their home (to be determined according to the extent of their disability)
First responder exemption Any first responder who is totally and permanently disabled as a result of their service can claim a 100% exemption from property tax

The last three exemptions are also extendable to the surviving unremarried spouse of the original applicant.

How Can I Get a Miami-Dade Property Tax Exemption?

DoNotPay understands that applying for property tax exemptions can be a complicated process, so we offer a tailor-made property guide that gives you all the information you need to claim them.

The property guide covers two areas, namely:

  1. Property tax exemptions
  2. Property assessments

Property Tax Exemptions

This section checks your location and sources the exemptions offered in your area, tells you what documents to assemble, and helps you find where to apply for your exemptions.

Property Assessments

In this section, the guide advises you on how to negotiate with county assessors to reduce your valuation and how to lodge an appeal.

How Do I Get DoNotPay’s Guide?

Your personalized property guide is quick and simple to get by following these steps:

  1. Navigate to DoNotPay in your web browser, sign up, and look for the Property Tax feature
  2. Give us a few details about yourself
  3. Wait briefly while we create your customized guide

Are There Any Other Points DoNotPay Can Help Me With?

If you have checked out all the options to apply for exemptions and still need property tax help, we can help you investigate how to appeal your property assessment.

We can give you expert advice on:

  • How the appeal process works in Miami-Dade County
  • What documents you will need
  • Where you can lodge your appeal

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