Miami homeowners pay a modest amount in property taxes, at least compared to other big cities with expensive housing markets.
Local taxing authorities raked in over $4.8 billion in property taxes last year, according to recent tax information released Thursday by Attom Data. With an effective tax rate of 1.13, the Miami statistical area ranks 88th out of 217 markets for its tax rates.
Here is a breakdown of Miami area tax data for 2016, including information on the housing market and by county:
City/County | Home units | No. of single family homes | Average home value | Average property tax bill | Effective rate | Ranking |
---|---|---|---|---|---|---|
Miami | 2.5 million | 1.1 million | $396,451 | $4,475 | 1.13 | 88/217 |
Miami-Dade | 994,596 | 388,001 | $408,110 | $4,129 | 1.01 | 318/586 |
Broward | 812,817 | 394,923 | $360,410 | $4,295 | 1.19 | 248/586 |