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Palmetto Bay, Miami-dade County, Florida Property Taxes

  • Median Palmetto Bay, FL effective property tax rate: 1.01%, slightly lower than the national median of 1.02%, but lower than the Florida state median of 1.14%.

  • Median Palmetto Bay, FL home value: $718,988

  • Median annual Palmetto Bay, FL tax bill: $7,098, $4,698 higher than the national median property tax bill of $2,400.

How are property taxes in Miami-Dade calculated?

Property taxes in Palmetto Bay, FL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Palmetto Bay’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Palmetto Bay, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Palmetto Bay, Miami-dade County, Florida Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.01%

Estimate Property Tax Bill

$7,262

$6,739

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Palmetto Bay Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Palmetto Bay with just two data points.

By entering your property's estimated assessed value, our calculator applies Palmetto Bay’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations.

This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Miami-Dade County.

For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Palmetto Bay, Miami-dade County, Florida

Local government entities in Palmetto Bay, part of Miami-Dade County, set property tax rates, which can differ significantly across Florida. Each year, counties estimate the budget needed to deliver essential services and divide this by the total value of all taxable property within their boundaries. This calculation determines the property tax rate. Although the process involves votes and legal considerations, this is the core of how property tax rates are established annually.

Comparing Palmetto Bay's effective property tax rate with other cities in Florida reveals interesting insights. Palmetto Bay's rate is close to the state's median of 1.01%, which is slightly below the national median of 1.02%. Within Miami-Dade County, the highest median tax rate is 1.47% in the 33176 zip code, while the lowest is 1.00% in the 33157 zip code. These figures highlight the variation in property tax rates within the county and state, underscoring the importance of understanding local tax obligations.

Property Tax Rates Across Palmetto Bay, Miami-dade County, Florida

Source: Ownwell

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0.70%

1.45%

2.21%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Palmetto Bay Tax Rate

1.01%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Miami-dade County Tax Rate

1.41%

Median Effective Florida Tax Rate

1.14%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Palmetto Bay, Miami-dade County, Florida

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
331570.59%0.75%1.00%1.47%1.72%
331580.67%0.77%1.01%1.30%1.69%
331760.56%0.80%1.47%1.66%1.75%

Source: Ownwell

Property Tax Assessment Values Across Palmetto Bay, Miami-dade County, Florida

When examining property taxes in Palmetto Bay, FL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Miami-Dade County Property Appraiser estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill. Assessment notices: In Miami-Dade County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of May. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Palmetto Bay. For example, the median home price in Palmetto Bay is $718,988, with tax bills ranging significantly across the county. Zip code 33158 has the highest median home price at $766,311.

Property Tax Assessment Values Across Palmetto Bay, Miami-dade County, Florida

Source: Ownwell

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$160,056

$16,966,420

$33,772,783

Median Palmetto Bay Market Value

$718,988

Median Miami-dade County Market Value

$372,000

Median Florida Market Value

$276,648

Median United States Market Value

$235,294

Property Tax Assessment Values Across Palmetto Bay, Miami-dade County, Florida

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
33157$378,151$546,078$700,318$849,883$1,053,764
33158$642,560$691,763$766,311$879,848$1,119,396
33176$141,892$156,296$204,246$662,879$747,636

Source: Ownwell

Property Tax Bills Across Palmetto Bay, Miami-dade County, Florida

In Palmetto Bay, Miami-Dade County, property tax bills are calculated based on the assessed value of a home, which is determined by the county's property appraiser. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. With a median home price of $718,988, homeowners in this area can expect their property tax bills to vary significantly. For instance, the tax bill for the 25th percentile is $4,776, while the 75th percentile sees bills as high as $9,997. The 90th percentile tax bill reaches a staggering $13,528, demonstrating a wide range of potential expenses for homeowners. These figures are notably higher than the national median property tax bill of $2,400, impacting the financial planning of homeowners in Palmetto Bay. Ownwell can assist homeowners by identifying potential savings through property tax appeals and exemptions, ensuring they are not overpaying. By leveraging expertise in local tax regulations, Ownwell helps reduce the financial burden of property taxes.

Property Tax Bills Across Palmetto Bay, Miami-dade County, Florida

Source: Ownwell

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$1,863

$228,510

$455,156

Median Palmetto Bay Tax Bill

$7,098

Median Miami-dade County Tax Bill

$4,524

Median Florida Tax Bill

$2,953

Median United States Tax Bill

$2,400

Property Tax Bills Across Palmetto Bay, Miami-dade County, Florida

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
33157$2,902$4,487$6,882$9,737$13,106
33158$4,779$5,994$8,071$11,459$15,221
33176$1,809$2,496$3,029$6,302$9,682

Source: Ownwell

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