How to estimate future property taxes on a house you would like to buy?
Many new home buyers do not realize what their property taxes will be in the upcoming year. They often assume that it will be the same as the previous owner, or just slightly higher. This is an incorrect assumption!
When you buy a new home, you initially inherit property taxes of the previous owner. That owner may have purchased the property over twenty years ago and had applied multiple exemptions that you may not be eligible for. Also due to market value change and millage rate (also known as the tax rate) change, your property taxes will change.
Here is the best way to estimate taxes on your future home or newly purchased home:
Step 1. Look up your property FOLIO number first. Type the address of the house (located in Miami-Dade County) you would like to purchase in the text box on top excluding city, state, and zip. Example “123 Main Street”.
https://www.miamidade.gov/Apps/PA/propertysearch/#/
Step 2. Copy the folio number of the house and then use this free online tool called Tax Estimator for Miami-Dade County.
https://www.miamidade.gov/Apps/PA/PAOnlineTools/Taxes/TaxEstimator.aspx
Please keep in mind: the estimate is only as accurate as the information entered and it is only an approximation.
