Home Buying in Miami>Question Details

Damien, Home Buyer in Lille, ME

How is calculated the yearly taxes ? Is it based on the location, surface, incomes, age of the building ...?

Asked by Damien, Lille, ME Fri Aug 22, 2008

Thank you.

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2
Your taxes are calculated by a simple formula:
TAXABLE VALUE x TAX MILLAGE RATES + SPECIAL ASSESSMENTS
=
YOUR TAX BILL

It is important to note that your Property Appraiser does not set any tax rates. The Property Appraiser determines the assessed value of your property. Your various governmental taxing authorities set the tax millage rates.

The constitutional amendment, that I cosponsored in Tallahassee, which doubled the Homestead Exemption to $50,000 is rather complex. By law it only applies to the third $25,000 of assessed value (the portion of the assessed value above $50,000 and below $75,000). If a homesteaded property has a Save Our Homes assessment of less than $50,000, it will not get any added benefit this year from the new exemption. Likewise, a homesteaded property with an assessment of $60,000 will enjoy only $10,000 additional exemption, as it is the only portion over $50,000.

Finally, if you forgot to file for a 2008 Homestead Exemption, Widow/Widower Exemption, Disability Exemption, Portability, or other tax-saving exemption for which you were eligible as of January 1, 2008, you still have time to “late file”. The easiest way to do this is to visit the Miami-Dade County Property Appraiser website at http://www.miamidade.gov/PA/

Via Gwen Margolis
0 votes Thank Flag Link Mon Sep 15, 2008
Taxes are based on square footage, year built and more importantly "assessed value" ~ The assessed value is determined by the Miami-Dade County Tax Collectors Office. The tax rate is based on the values of similar properties that have recently sold. There are other variables that may be taken into consideration. Below is the link to Miami-Dade County. Many questions are answered at the Miami-Dade County Site!
0 votes Thank Flag Link Fri Aug 22, 2008
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