Miami Lakes, Florida Property Taxes
The median property tax rate in Miami Lakes, FL is 1.11%, slightly higher than the national median of 0.99% but below the Florida state median of 1.14%. With a median home value of $421,241 in Miami Lakes, the typical annual property tax bill is approximately $4,764, which surpasses the national median of $2,690. Property taxes in Miami Lakes are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Miami Lakes' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Miami Lakes 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
Miami Lakes, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$4,676
$4,425
$1,148
Average Miami Lakes, Florida Tax Savings
Ownwell’s Miami Lakes Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miami Lakes with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami Lakes 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 Miami Lakes. 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 Miami Lakes, Florida
Property taxes in Miami Lakes, Florida, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Miami Lakes is 1.11%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Miami Lakes set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami Lakes 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 Miami Lakes' effective property tax rate to other areas in Miami-Dade County and the national median. For comparison, the 33014 zip code has the highest median property tax rate of 1.23%, while the 33018 zip code has the lowest median tax rate of 0.89%. Understanding how these cities compare with Miami Lakes 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 Miami Lakes Tax Rate
1.11%
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 Miami Lakes, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33014 | 0.59% | 0.79% | 1.23% | 1.65% | 1.76% |
| 33016 | 0.79% | 0.90% | 1.07% | 1.54% | 1.78% |
| 33018 | 0.72% | 0.80% | 0.89% | 1.36% | 1.78% |
Source: Ownwell
$1,148
Average Miami Lakes Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Miami Lakes, Florida
In Miami Lakes, Florida, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Miami-Dade County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Miami Lakes, 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 the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the highest median tax bill in Miami Lakes is $6,669 in the 33016 zip code, while the lowest is $3,891 in the 33014 zip code. 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 Miami Lakes, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Miami Lakes Assessed Value
$421,241
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 Miami Lakes, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33014 | $175,500 | $226,000 | $369,810 | $505,879 | $634,176 |
| 33016 | $338,000 | $399,959 | $641,403 | $767,201 | $884,719 |
| 33018 | $380,399 | $400,527 | $436,176 | $473,614 | $514,570 |
Source: Ownwell
$1,148
Average Miami Lakes Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Miami Lakes, Florida
In Miami Lakes, located in Miami-Dade County, FL, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the county assessor, who evaluates the property's market value and applies any applicable exemptions. The local tax rate in Miami Lakes is influenced by various factors, including funding requirements for public services and schools. Homeowners in this area typically face property tax bills ranging from $3,202 at the 25th percentile to $9,693 at the 90th percentile, with a median home price of $421,241. The highest median tax bill in the region is $6,669 in zip code 33016, while the lowest is $3,891 in zip code 33014. Ownwell can help homeowners in Miami Lakes save on their property tax bills by providing expert property tax appeal and exemption services. By accurately assessing the value of your property and identifying potential savings, Ownwell ensures you are not overpaying on your taxes, potentially saving you thousands of dollars annually.
Average Miami Lakes Tax Bill
$4,764
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 Miami Lakes, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33014 | $1,869 | $2,719 | $3,891 | $5,850 | $8,180 |
| 33016 | $3,424 | $5,382 | $6,669 | $8,860 | $12,102 |
| 33018 | $2,907 | $3,375 | $4,134 | $6,483 | $8,213 |
Source: Ownwell
$1,148
Average Miami Lakes 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 | |
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