What you pay for your property taxes is based on the area’s millage rate. The property tax is calculated by multiplying the assessed value of the property by the area’s millage rate.
Let’s say you move to Florida and buy a $500,000 home and you apply for your Homestead Exemption. Using the Dade County Tax Estimator, your property taxes would be in:
Coral Gables $9,252
Palmetto Bay $8,820
Miami Beach $9,515
Unincorporated Miami-Dade County $8,622
When you are buying a property, it is important to compare millage rates in the areas you are considering. But, as we have always known about real estate, the truly important variable is, location, location, location.
What you can buy for $500,000 in unincorporated Miami-Dade County will be much different than what you would be able to buy in Pinecrest!