Property Tax Surprises

Someone asked me the other day about the taxes in Palmetto Bay versus Pinecrest. It’s such an interesting question, because so often people believe Coral Gables or Pinecrest have higher taxes than our other municipalities, but the reality is most of the incorporated cities enjoy a fairly low millage rate. Below you will find a breakdown of the different millage rates that were adopted in 2014 for some of our more popular areas.

Pinecrest 18.8828
Palmetto Bay 19.1298
Coral Gables 19.8495
South Miami 21.0467
Miami Beach 21.6055
Miami (includes Coconut Grove 22.6515
Miami Shores 25.2052

The millage rate by definition is ” the amount of tax in dollars, on every $1,000 of taxable value”. So, if you take your assessed value divide by 1,000 and then multiply by your millage rate you should come out with your annual tax amount. Obviously, there are exemptions and I am not taking any of these into account.

It is usually somewhat surprising to people, because you will see that Pinecrest,Palmetto Bay and Coral Gables share the lowest millage rates, while South Miami, Miami Beach, Coconut Grove and Miami Shores are all higher. A frequent misconception is that Coral Gables has the highest taxes, because it is known for it’s great amenities, but it actually does not, as you see.

When you talk to a realtor about the expected taxes on a purchase, you will often hear that you can estimate 2% of the purchase price, which you see is pretty accurate, but not totally. Ashley Cusack is an associate with EWM Realtors. She is a 2015 Who’s Who in Miami Residential Real Estate, Member of The Council of Residential Specialists, Member of The Institute for Luxury Home Marketing.

Ashley is passionate about fitness. She is a long distance runner, and coaches girls lacrosse. She volunteers at St Thomas Episcopal Church, and serves on the Junior League of Miami Foundation Board; Beaux Arts. You can find her at www.ashleycusack.com, 305.798.8685, or ashley@ashleycusack.com


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