Property Taxes on a Miami Condo (and the Homestead Exemption)

Florida has no state income tax, but property taxes are real — and how much you pay depends heavily on whether the condo is your primary residence. Here's the picture for Miami-Dade.

What you'll pay

Miami-Dade effective property tax rates run roughly 1.5–2.0% of value (among the higher in Florida). Total millage is around 17–18 mills for 2025, with roughly a third of that funding schools. The exact bill depends on your municipality's millage and any exemptions.

On a $700,000 condo, that's very roughly $10,000–$14,000/year before exemptions — a meaningful chunk of your carrying cost.

If it's your primary residence: homestead

Make the condo your permanent Florida residence and you qualify for:

• Homestead exemption — up to $50,000 off assessed value ($25,000 on the first $50k for all taxes, plus up to ~$25,700 more on value between $50k–$75k for non-school taxes; the second portion is now indexed to inflation under 2024's Amendment 5).
• "Save Our Homes" cap — your assessed value can rise no more than the lesser of 3% or CPI per year, which protects long-term owners from runaway tax bills.

If it's a second home or investment: the 10% cap

Most $500k+ Miami condo buyers — second-home owners, investors, and foreign buyers — don't get homestead. Instead, Florida's non-homestead cap limits annual assessed-value increases to 10% per year (excluding the school portion). It's a weaker protection than the 3% homestead cap, and it resets to market value on a qualifying change of ownership or use. See the Miami-Dade non-homestead cap.

Why this matters when you buy

• The prior owner's tax bill is not what you'll pay — a homesteaded seller may have a capped assessment far below market. Your assessment typically resets near your purchase price, so your first full-year bill can jump.
• Budget from the reset value, not the seller's current tax line.

The bottom line

Expect a Miami-Dade condo tax bill around 1.5–2% of value, claim homestead (and lock in the 3% cap) only if it's your primary Florida residence, and — if it's a second home or rental — budget under the 10% cap and from a reset assessment near your purchase price. Confirm your specific numbers with the Miami-Dade Property Appraiser.

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This guide is general education, not legal, tax, or financial advice. Rules and figures change and vary by building and situation — confirm the specifics with a licensed Florida real-estate agent, attorney, lender, and CPA before you act. Listing data is deemed reliable but not guaranteed.