Miami Shores, Florida Property Taxes
The median property tax rate in Miami Shores, FL is 1.24%, significantly higher than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Miami Shores at $768,040, the typical annual property tax bill reaches $8,736, surpassing the national median of $2,690. Property taxes in Miami Shores are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Miami Shores' 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 Shores 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 Shores, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$9,524
$9,013
$1,148
Average Miami Shores, Florida Tax Savings
Ownwell’s Miami Shores Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Miami Shores with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami Shores 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 Shores. 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 Shores, Florida
Property taxes in Miami Shores, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami Shores is 1.24%, higher than both the Florida state median and the U.S. national median of 0.99%. Local government entities within Miami Shores set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami Shores 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 Shores' effective property tax rate to other counties in Florida and the national median. For comparison, the 33168 zip code has the highest median property tax rate of 1.32%, while the 33138 zip code has the lowest median tax rate of 1.23%. Understanding how these areas compare with Miami Shores 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 Shores Tax Rate
1.24%
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33138 | 0.50% | 0.73% | 1.23% | 1.88% | 2.29% |
| 33150 | 0.47% | 0.71% | 1.29% | 1.97% | 2.29% |
| 33168 | 0.52% | 0.62% | 1.32% | 1.97% | 2.30% |
Source: Ownwell
$1,148
Average Miami Shores Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Assessment Values Across Miami Shores, Florida
In MIAMI SHORES, 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 Property Appraiser 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 SHORES, 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. The median home price in MIAMI SHORES stands at $768,040. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The highest median tax bill is $9,435 in the 33138 zip code, while the lowest is $6,242 in the 33168 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 Shores, Florida
Source: Ownwell
$160,056
$16,966,420
$33,772,783
Average Miami Shores Assessed Value
$768,040
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33138 | $233,046 | $647,338 | $908,801 | $1,197,925 | $1,586,154 |
| 33150 | $460,905 | $507,689 | $575,546 | $667,611 | $776,144 |
| 33168 | $430,217 | $459,562 | $499,787 | $543,970 | $618,781 |
Source: Ownwell
$1,148
Average Miami Shores Tax Savings
Save on your property taxes & more with Ownwell.
Property Tax Bills Across Miami Shores, Florida
In Miami Shores, Miami-Dade County, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors, such as property improvements, market conditions, and neighborhood trends, influence the assessed value. For homeowners in Miami Shores, the tax bills can vary significantly, with the 25th percentile at $4,769 and the 75th percentile reaching $14,457. The highest median tax bill in the area, found in zip code 33138, stands at $9,435, while the lowest is $6,242 in zip code 33168. High property tax bills can be a significant burden for homeowners. Ownwell offers expert property tax appeal and exemption services to help reduce these costs. By analyzing your property's assessed value and comparing it to similar properties, Ownwell can identify discrepancies and file appeals on your behalf, potentially saving you hundreds or even thousands of dollars annually.
Average Miami Shores Tax Bill
$8,736
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 Shores, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 33138 | $3,157 | $5,289 | $9,435 | $16,269 | $24,044 |
| 33150 | $2,494 | $3,778 | $7,078 | $11,042 | $14,535 |
| 33168 | $2,333 | $3,132 | $6,242 | $10,455 | $12,601 |
Source: Ownwell
$1,148
Average Miami Shores 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.