For homeowners, investors and second-home buyers: how property is valued, how the tax is calculated, the 2026 rate for every taxing authority, what changes when you buy, where the money goes, and a calculator for any property.
Florida property tax is an "ad valorem" tax, meaning it's based on value. Three separate offices are involved, and none of them controls the whole bill.
Values every property, approves exemptions and mails the TRIM notice. Doesn't set rates or collect taxes.
The School Board, Miami-Dade County, your city and special districts each adopt a budget and millage rate every September.
Mails the bills in November, collects payments, and distributes the money to each authority.
What the Property Appraiser estimates your property would sell for on January 1 (“just value”).
Market value limited by annual caps: 3% or inflation for homesteads (Save Our Homes), 10% for other property (non-school taxes).
Assessed value minus exemptions, such as homestead's up to $51,411 in 2026.
Each taxing authority's rate. One mill = $1 of tax per $1,000 of taxable value.
The sum of every authority's levy, plus any flat non-ad valorem fees.
No homestead exemption. Non-school assessed value is capped at 10% a year; school taxes use full market value. Values reset to market after a sale, a change of control of the owning entity, or a major renovation. Investor details
Assessed value can rise no more than 3% or inflation, whichever is lower (Save Our Homes), and up to $51,411 of value is exempt in 2026: $25,000 from all taxes, plus up to $26,411 from non-school taxes.
Learn how the homestead exemption, Save Our Homes and portability work, and what Amendment 3 would change.
Both cities share the same school, county, Children's Trust and regional rates. The difference is the city's own rate. Miami and Miami Beach run their own police and fire departments, so they don't pay the county fire-rescue district or unincorporated-area levies.
| Taxing authority | City of Miami | Miami Beach |
|---|---|---|
| School Board | 6.6230 | 6.6230 |
| State required local effort | 3.2510 | 3.2510 |
| Local discretionary operating | 0.7480 | 0.7480 |
| Capital outlay (buildings, buses, technology) | 1.5000 | 1.5000 |
| Voter-approved operating (teacher pay & safety) | 1.0000 | 1.0000 |
| Voter-approved debt (school bonds) | 0.1240 | 0.1240 |
| Miami-Dade County | 5.2489 | 5.2489 |
| Countywide operating | 4.5740 | 4.5740 |
| Countywide voter-approved debt | 0.3937 | 0.3937 |
| Library District | 0.2812 | 0.2812 |
| Children's Trust | 0.4638 | 0.4638 |
| Water & regional districts | 0.2571 | 0.2571 |
| South Florida Water Management District | 0.0948 | 0.0948 |
| Everglades Construction Project | 0.0327 | 0.0327 |
| Okeechobee Basin | 0.1026 | 0.1026 |
| Florida Inland Navigation District | 0.0270 | 0.0270 |
| Your city | 7.3616 | 6.0753 |
| City operating | 7.1080 | 5.8060 |
| City voter-approved debt | 0.2536 | 0.2693 |
| Total millage | 19.9544 | 18.6681 |
Adopted September 2026. City of Miami final rate adopted Sept. 24; Miami Beach Sept. 23; Miami-Dade County Sept. 17; School Board Sept. 9.
City of Miami total mills · about $19,954 per $1M of taxable value
Miami Beach total mills · about $18,668 per $1M of taxable value
The 6.623 school mills get only the first $25,000 homestead exemption, and for non-homestead property they're charged on full market value, not the capped value.
| City of Miami (19.9544 mills) | $19,954 |
| Miami Beach (18.6681 mills) | $18,668 |
Before any flat fees. A buyer's first full bill is based on market value as of January 1 after the purchase.
| School: ($600,000 − $25,000) × 6.623 | $3,808 |
| Non-school, Miami: ($600,000 − $51,411) × 13.3314 | $7,313 |
| City of Miami total | $11,122 |
| Miami Beach total (non-school 12.0451) | $10,416 |
Save Our Homes kept this owner's assessed value at half of market value.
| City of Miami: $1,200,000 × 19.9544 | $23,945 |
| Miami Beach: $1,200,000 × 18.6681 | $22,402 |
More than double the seller's bill, from the first full year after closing. This is the number to put in your pro forma.
Rentals, second homes, vacation properties, and property held in an LLC or corporation pay the same millage as everyone else, but without the homestead protections. Here's what changes.
Second homes, rentals and property owned by most LLCs or corporations get no homestead exemption and no Save Our Homes cap.
Assessed value for city, county and other non-school taxes can't rise more than 10% a year. School taxes (6.623 mills) are charged on full market value every year.
A sale resets the value to market the following January 1. The seller's low assessed value and exemptions don't transfer to you.
Transferring more than 50% of ownership or control of an entity that owns the property, even over time, counts as a change of ownership and resets the value.
A renovation that raises market value by 25% or more is reassessed at market value the next January 1.
Furniture and equipment used in a rental business are generally reported on a tangible personal property return (DR-405) by April 1. The first $25,000 of value is exempt; late filing carries penalties.
| Year | Market value | Investor / second home | Homestead owner |
|---|---|---|---|
| Year 0 | $1,000,000 | $18,668 | $17,883 |
| Year 5 | $1,338,226 | $24,982 | $20,857 |
| Year 10 | $1,790,848 | $33,432 | $24,304 |
Illustrative: 6% yearly market growth, 3% Save Our Homes cap, 2026 millage held flat, no sale or improvements. With growth under 10%, the investor's assessed value tracks market value.
Estimate the first full bill as purchase price × total millage, about 1.87% of price in Miami Beach and 2.00% in the City of Miami, plus any flat fees.
Listing sheets show the current owner's taxes, often with homestead. Your bill can be double or more.
Lenders base the first year's escrow on the seller's bill. Expect an escrow shortage and higher payment after your first full tax bill.
Property tax on a rental is generally a deductible rental expense. On a personal second home it falls under the federal SALT deduction limit. Ask your CPA.
Appeal within 25 days if the market value is above what the property would sell for, especially when the market softens.
If it passes on Nov. 3, the non-school cap for non-homestead property drops from 10% to 5% a year starting in 2027.
Buying? Enter the purchase price in both boxes. Already own? Both values are on your TRIM notice and the Property Appraiser's website; for non-homestead property the assessed value is the capped value used for non-school taxes.
Teachers and classrooms, school buildings, buses and technology. The state sets the largest piece (required local effort); voters approved the 1-mill referendum, 88% for teacher pay and 12% for school safety.
Police, fire-rescue, parks, streets, code enforcement and city services. Miami and Miami Beach run their own police and fire departments, so they don't pay the county fire or unincorporated-area levies.
Jails and corrections, Jackson Health, transit and roads, the Sheriff and other countywide services, plus the public library system.
A voter-created district funding early childhood, after-school, health and family programs for Miami-Dade children.
Flood control and water supply (South Florida Water Management District), Everglades restoration and Intracoastal Waterway upkeep (FIND).
Property tax is one revenue source among several, but these general funds are where most of it lands.
FY 2026-27. Property tax provides about $691 million.
FY 2027 adopted total. Shares shown from the FY 2026 adopted budget, the latest published breakdown.
FY 2026-27 proposed. Total county budget: $14.26 billion adopted.
More than 96% goes to teaching, student services, custodial, security and other school-level services. Of the 6.623 mills, 3.251 is the state-required local effort, 1.500 funds buildings, buses and technology, and the voter-approved 1 mill pays teachers (88%) and school safety (12%).
The debt lines on your bill repay bonds that voters approved: county infrastructure and hospital bonds, school construction bonds, Miami Forever bonds in the City of Miami, and Miami Beach's 2019 general obligation and 2022 arts & culture bonds.
Your property's value, ownership and homestead eligibility are fixed as of this date.
Last day to file for homestead and other exemptions with the Property Appraiser.
The Property Appraiser certifies the tax roll to each taxing authority.
Your proposed tax notice arrives (mailed by Aug. 24, 2026) with values, exemptions and proposed rates.
Deadline to petition the Value Adjustment Board (Sept. 18, 2026 this year; $15 fee).
Each school board, county and city holds two public hearings and adopts final rates.
Bills go out. Pay in November for a 4% discount, December 3%, January 2%, February 1%.
Last day to pay in full. Unpaid taxes become delinquent April 1, and tax certificates are sold by June 1.
A flat solid waste (trash) fee appears on the tax bill. Business improvement districts (such as Coconut Grove and Wynwood) add assessments for properties inside them.
Most homes have no flat fees on the tax bill. Some gated islands pay special security district assessments (for example Allison Island, Biscayne Point and Biscayne Beach).
Non-ad valorem assessments are flat charges for a service. Homestead and other exemptions don't reduce them, and they aren't based on your home's value.
Would raise the non-school homestead exemption to $150,000 in 2027 and $250,000 in 2028 and cut the non-homestead cap from 10% to 5%. Needs 60% to pass.
Asks voters to continue the 1-mill school operating levy from July 2027 through June 2031, funding teacher pay and school safety.
Up to $450 million for police and fire facilities. The city says it won't raise the debt millage.
Taxable value × millage rate ÷ 1,000. The Property Appraiser sets your value; the School Board, county, your city and special districts each set a millage rate; the Tax Collector adds them up and sends one bill.
One mill is $1 of tax for every $1,000 of taxable value. At 19.9544 mills, a property with $1,000,000 of taxable value pays about $19,954 a year.
City of Miami: 19.9544 mills. Miami Beach: 18.6681 mills. Both include the School Board (6.623), Miami-Dade County and library (5.2489), the Children's Trust (0.4638), regional water districts (0.2571) and the city's own rate.
Usually because of homestead or timing. Save Our Homes caps a homestead's assessed value increase at 3% or inflation each year, so long-time owners can be assessed far below market value. A new buyer's value resets to market value the year after purchase.
Very likely. The seller's assessed value and exemptions don't transfer. Your first full bill is based on market value as of January 1 after you buy. Budget using the current millage times the purchase price, minus any homestead you'll qualify for.
Market (just) value is the estimated sale price on January 1. Assessed value is market value limited by annual caps. Taxable value is assessed value minus exemptions, and it's what millage is applied to.
Yes. For non-school taxes, assessed value on non-homestead property can't rise more than 10% a year until it's sold. School taxes are based on full market value.
Usually, yes. They pay the same millage rates but get no homestead exemption and no 3% Save Our Homes cap. Their non-school assessed value can rise up to 10% a year, and school taxes are charged on full market value.
Multiply the purchase price by the total millage: about 1.87% of price in Miami Beach and 2.00% in the City of Miami for 2026, then add any flat fees. Don't rely on the seller's current bill.
It can. Deeding property into an entity, or later transferring more than 50% of an entity's ownership or control, can count as a change of ownership that resets the assessed value to market. Homestead generally doesn't apply to property owned by an LLC. Talk to a Florida attorney before transferring.
Generally, if the furniture and equipment are used in a rental business, you should file a tangible personal property return (DR-405) with the Property Appraiser by April 1. The first $25,000 of value is exempt, and late or missing returns carry penalties.
Property tax on a rental property is generally deductible as a rental expense. On a personal residence or second home it counts toward the federal state-and-local tax (SALT) deduction limit. Your CPA can confirm your situation.
The Notice of Proposed Property Taxes mailed in August. It shows your value, exemptions, each authority's proposed rate and the hearing dates. It isn't a bill, but it's your chance to object before rates are final.
Talk to the Property Appraiser first. If you disagree, file a petition with the Value Adjustment Board within 25 days of the TRIM mailing (September 18 for 2026). The fee is $15 per parcel.
Bills are mailed around November 1 and due by March 31. Paying early earns a discount: 4% in November, 3% in December, 2% in January and 1% in February. Taxes are delinquent on April 1.
Both cities run their own fire-rescue departments, so they're outside the Miami-Dade Fire Rescue District, and as incorporated cities they don't pay the unincorporated-area (UMSA) levy. Their own city rate covers those services.
Flat fees for specific services, such as the City of Miami solid waste fee or a gated island's security district. They appear on the tax bill but aren't based on value and exemptions don't reduce them.
In both cities, roughly a third goes to the School Board, a third to the city and about a quarter to Miami-Dade County. The rest funds the Children's Trust and regional water management.
If you have an escrow account, your lender collects a monthly amount and pays the bill, usually in November to get the 4% discount. Check your escrow analysis each year as taxes change.
Amendment 3 (larger homestead exemption and a 5% non-homestead cap), a renewal of the Miami-Dade school operating referendum, and in the City of Miami a police and fire facilities bond. Each could affect future bills.
File for homestead by March 1 if it's your primary residence, check for senior, veteran or disability exemptions, review your TRIM notice for errors, and appeal if your value is too high. See my homestead guide for details.
I build the real post-purchase tax bill into every buyer's numbers, whether it's a primary home, a second home or an investment, flag homestead and portability savings, and help sellers explain why a new owner's taxes will differ from theirs.
2026 proposed millage rate comparison, Miami-Dade Property Appraiser
miamidadepa.gov
Resolution 2026-34470, FY 2027 final millage, City of Miami Beach
docmgmt.miamibeachfl.gov
Resolution 2026-34471, FY 2027 final budgets, City of Miami Beach
docmgmt.miamibeachfl.gov
FY 2026 adopted budget summary (TRIM ad), City of Miami Beach
miamidade.gov
FY 2026-27 Budget in Brief, City of Miami
miami.gov
Miami approves $3.7 billion budget, WLRN, Sept. 28, 2026
wlrn.org
FY 2026-27 Budget in Brief and Appendix A, Miami-Dade County
miamidade.gov
FY 2026-27 budget adopted, Miami-Dade County
miamidade.gov
Our government: taxing districts, Miami-Dade County
miamidade.gov
2026-27 tentative budget and millage, Miami-Dade County Public Schools
pdfs.dadeschools.net
School Board adopts 2026-27 budget, M-DCPS News
news.dadeschools.net
TRIM notice, Miami-Dade Property Appraiser
www8.miamidade.gov
Value Adjustment Board, Miami-Dade Clerk
miamidadeclerk.gov
Discounts for early payment, Miami-Dade Tax Collector
mdctaxcollector.gov
Property tax: about, Miami-Dade Tax Collector
miamidade.gov
Taxing district listing (non-ad valorem), Miami-Dade Property Appraiser
miamidadepa.gov
Sections 193.1554 and 193.1555 (10% cap, change of control), Florida Department of Revenue via BCPA
bcpa.net
Section 193.1555, Florida Statutes, The Florida Senate
flsenate.gov
Tangible personal property, Florida Department of Revenue
floridarevenue.com
Tangible personal property, Miami-Dade Property Appraiser
miamidadepa.gov
Disclaimer: Geva Bar is a licensed real estate advisor with Compass, not an attorney, CPA, tax advisor, mortgage lender or title insurer. This page is general education only and is not legal, tax, lending or financial advice, and it does not create an attorney-client relationship. Figures, rates and laws change, and every transaction is different. Consult the appropriate licensed professional before acting. Compass Florida, LLC is a licensed real estate broker. Equal Housing Opportunity. Millage rates, budgets and exemption amounts are those adopted or published for tax year 2026 (fiscal year 2026-27) and change every year. Estimates exclude non-ad valorem assessments. Verify with the Miami-Dade Property Appraiser and Tax Collector.