South Miami, Florida Property Taxes
The median property tax rate in South Miami, FL is 1.31%, considerably higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in South Miami, the typical annual property tax bill reaches $5,770, exceeding the national median of $2,690. Property taxes in South Miami are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding South Miami's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of South Miami or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
South Miami, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.31%
Estimate Property Tax Bill
$7,734
$7,319
$1,148
Average South Miami, Florida Tax Savings
Ownwell’s South Miami Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in South Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in South Miami to estimate your property tax bill. This insightful tool not only helps you understand potential tax liabilities but also illustrates how Ownwell can assist in reducing property taxes in South Miami. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across South Miami, Florida
Property taxes in South Miami, Florida, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in South Miami is 1.31%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within South Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, South Miami estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares South Miami's effective property tax rate to other counties in Florida and the national median. For comparison, the 33143 zip code has the highest median property tax rate of 1.31%, while the 33155 zip code has the lowest median tax rate of 0.98%. Understanding how these cities compare with South Miami provides valuable insights into the varying tax landscape across Miami-Dade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average South Miami Tax Rate
1.31%
Average Miami-dade County Tax Rate
1.41%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across South Miami, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33143 | 0.40% | 0.71% | 1.31% | 1.70% | 1.88% |
| 33155 | 0.38% | 0.53% | 0.98% | 1.68% | 1.93% |
Source: Ownwell
$1,148
Average South Miami Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across South Miami, Florida
In South Miami, Florida, understanding the distinction between "market value" and "assessed value" is essential for grasping property taxes. The market value represents the price a willing buyer would pay a willing seller in an open market, influenced by factors such as location, property condition, and economic trends. This value is estimated by the Miami-Dade County Property Appraiser for tax purposes. The assessed value, on the other hand, is the market value minus any applicable exemptions or limits based on local laws and available programs. This assessed value is then used to calculate property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In South Miami, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. In South Miami, the zip code 33143 has the highest median tax bill at $5,770, while the zip code 33155 has the lowest median tax bill at $2,733. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across South Miami, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average South Miami Assessed Value
$590,382
Average Miami-dade County Assessed Value
$372,000
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across South Miami, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33143 | $223,581 | $354,756 | $590,785 | $779,226 | $1,091,249 |
| 33155 | $279,952 | $279,952 | $279,952 | $279,952 | $279,952 |
Source: Ownwell
$1,148
Average South Miami Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across South Miami, Florida
In South Miami, property tax bills are determined based on the assessed value of your home, which is a percentage of the market value. The local property tax rate is then applied to this assessed value. Factors such as location, property size, and home improvements can influence the assessed value. In Miami-Dade County, the median home price is $590,382, with tax bills ranging from $3,543 at the 25th percentile to $13,810 at the 90th percentile. The highest median tax bill in the area is $5,770 in ZIP code 33143, while the lowest is $2,733 in ZIP code 33155. Homeowners in South Miami can face significant financial burdens due to these property taxes. Ownwell offers property tax appeal and exemption services that help homeowners potentially reduce their tax bills. By analyzing your property’s assessed value and comparing it to similar properties, Ownwell can identify discrepancies and assist in filing appeals, ensuring you pay only your fair share. This can result in substantial savings on your annual property tax bill.
Average South Miami Tax Bill
$5,770
Average Miami-dade County Tax Bill
$4,524
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across South Miami, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33143 | $2,144 | $3,562 | $5,770 | $9,483 | $13,869 |
| 33155 | $1,051 | $1,473 | $2,733 | $4,896 | $5,393 |
Source: Ownwell
$1,148
Average South Miami Tax Savings
Save on your property taxes & more with Ownwell.
Don't miss the deadline to petition!
Dates | |
|---|---|
| Property Valuation Date | January 1 |
| Appeal Deadline | September 17 |
| Tax Bill | |
| Issued | November 1 |
Links | |
|---|---|
| Miami-Dade Property Appraiser | |
| Phone | (305) 375-4050 |
| Website | www.miamidade.gov |
| mdcpa@mdcpa.net | |
Save money on your property taxes with Ownwell.
Enter your address.
With just your address Ownwell will analyze your property expenses to find you savings using real time market data, local expertise and AI.
Answer some questions.
The more we know about your property, the more we can save you. There's no up-front costs, it's risk-free to sign up. Only pay if you save!
Unlock your savings.
We gather evidence, file all documentation, and attend hearings on your behalf year after year, so you never overpay again.