How Much Are Property Taxes on a $600,000 Home in Miami, Florida Currently

Miami-Dade County uses a straightforward formula: taxable value multiplied by the millage rate. But the taxable value is not always the same as the price you paid, and the millage rate is actually a stack of several separate levies layered on top of each other. Understanding both pieces is what lets you predict your real annual bill.

Assessed Value vs. Market Value

The Miami-Dade Property Appraiser's Office sets an assessed value for every parcel each January 1. For a property you are purchasing at $600,000, the appraiser will typically reset the assessed value close to your purchase price in the first year after the sale. That is because a sale is considered the strongest evidence of market value under Florida law. So in year one, plan on your assessed value being at or very near $600,000.

After that first year, the assessed value can only rise by a capped percentage each year if you have homestead status (more on that below). Without homestead, the appraiser can reassess to full market value annually, which matters a great deal in Miami's active real estate market.

The Millage Rate Explained

A millage rate is expressed in mills, where one mill equals $1 of tax per $1,000 of taxable value. Miami-Dade does not have a single tax rate. Your total bill is the sum of levies from multiple taxing authorities: Miami-Dade County general government, the Miami-Dade School Board, the South Florida Water Management District, the Children's Trust, and, if you live within the City of Miami limits, a separate City of Miami millage on top of the county rate.

For the 2025 tax year (billed in late 2025 and collectible through 2026), the combined millage rate for a property inside the City of Miami runs approximately 19 to 20 mills for non-homestead properties. Properties in unincorporated Miami-Dade or in other municipalities such as Coral Gables, Doral, or Hialeah carry different combined rates because each city sets its own levy. You can verify the current millage breakdown for your specific address through the Miami-Dade Property Tax guide at JVM Lending, which breaks out each component levy.

How a $600,000 Purchase Gets Taxed

At a combined millage of roughly 20 mills and an assessed value of $600,000, the gross tax before any exemptions is $12,000 per year. That is the ceiling number, and most owner-occupants will pay significantly less once exemptions are applied. Investors, second-home owners, and corporate entities typically pay closer to the gross figure because they do not qualify for the major exemptions Florida offers.

2. Exemptions That Reduce Your Miami Property Tax Bill

Florida offers some of the most substantial property tax exemptions in the country, and Miami buyers who use the home as their primary residence can cut their taxable value considerably. The two biggest tools are the Homestead Exemption and the Save Our Homes assessment cap.

The Homestead Exemption

Florida's Homestead Exemption removes $50,000 from your assessed value for tax purposes. The first $25,000 applies to all taxing authorities. The second $25,000 applies to all levies except the school board portion. On a $600,000 assessed value, the exemption effectively brings your taxable value down to either $550,000 or $575,000 depending on which levy you are calculating, which saves you roughly $750 to $1,000 per year at typical Miami-Dade millage rates.

To receive the exemption, you must apply by March 1 of the tax year, establish Florida as your permanent residence, and hold title to the property. If you close on a Miami home in, say, October 2026, you would apply before March 1, 2027 to get the benefit starting with the 2027 tax year. You cannot retroactively claim it for the year of purchase.

The Save Our Homes Cap

Once you have homestead status, Florida's Save Our Homes amendment limits how much your assessed value can increase each year. The cap is the lesser of 3% or the change in the Consumer Price Index. In a market like Miami, where property values have climbed substantially over the past several years, this cap becomes enormously valuable over time. A homeowner who bought at $600,000 five years ago and has homestead status may have an assessed value well below $600,000 today, even if the market value of the home has risen to $750,000 or more.

This benefit does not transfer when you buy a home. When a property sells, the assessed value resets to market value for the new owner. That is why a home's prior tax bill shown on listing sites can look deceptively low compared to what you will actually owe in year one.

Additional Exemptions Available in Miami-Dade

Beyond the standard homestead benefit, Miami-Dade offers several additional exemptions that can further reduce your taxable value. Florida veterans with a service-connected disability of 10% or more receive an additional exemption of up to $5,000. Veterans with a total and permanent disability from service may qualify for a full exemption on their homestead. Surviving spouses of first responders killed in the line of duty may also qualify for a full exemption. Homeowners 65 and older who meet income thresholds set by Miami-Dade County can apply for an additional senior exemption of up to $50,000 on the county portion of their tax bill.

All exemption applications go through the Miami-Dade Property Appraiser's Office. The March 1 deadline is firm; the office does not grant extensions. If you miss it, you wait until the following year.

3. Property Tax Estimates for a $600,000 Miami Home: By Scenario

The honest answer to how much are property taxes on a $600,000 home in Miami, Florida currently depends on your situation as an owner. The three most common scenarios produce meaningfully different annual bills, so it helps to know which category you fall into before you finalize your budget. For a deeper look at the numbers and an interactive tool, the Miami-Dade Property Tax Calculator from HomeLight lets you plug in your specific purchase price and location to get a closer estimate.

Non-Homestead Owner Estimate

Non-homestead properties in Miami pay on the full assessed value with no exemptions and no Save Our Homes cap. At a combined millage of approximately 19 to 20 mills inside the City of Miami, a $600,000 assessed value produces an annual tax bill of roughly $11,400 to $12,000. In municipalities with lower combined rates, such as parts of unincorporated Miami-Dade, the bill may be closer to $10,000 to $10,800. These are the figures most relevant to buyers purchasing a vacation home, rental property, or second residence.

Homestead Owner Estimate

A primary-residence buyer who qualifies for and applies for homestead will see their taxable value drop to approximately $550,000 after the full $50,000 exemption. At 19 to 20 mills, that produces an annual bill of roughly $10,450 to $11,000 in year one. The school board portion is calculated on $575,000 (only the first $25,000 exemption applies there), so the blended effective bill typically lands in the $10,500 to $11,000 range for a City of Miami address.

Over time, the Save Our Homes cap becomes the more powerful tool. A homestead owner who holds a Miami property for ten years while values continue to rise could be paying taxes on an assessed value of $700,000 to $750,000 even if the market value of their home has climbed to $900,000 or more. That gap between assessed and market value is one of the reasons long-term Miami homeowners are often reluctant to sell.

Investor or Second-Home Owner Estimate

Investors, LLC-owned properties, and second-home buyers pay the full non-homestead rate every year with no cap on reassessment. For a $600,000 condo in Brickell or a single-family home in Coconut Grove purchased as a rental, plan on $10,000 to $12,000 per year in property taxes depending on the exact municipality and millage stack. This figure needs to be factored into your rent-versus-cost analysis and your cash-flow projections from day one.

4. Miami-Dade Property Tax Due Dates, Payment Options, and Discounts

Miami-Dade tax bills go out in late October or early November each year, and the deadline to pay without penalty is March 31 of the following year. Florida builds in a discount schedule that rewards early payers, and the savings are meaningful enough that most financially savvy homeowners take advantage of them.

When Taxes Are Due

The Miami-Dade Tax Collector mails notices in November, covering the prior January 1 through December 31 tax year. So the bill you receive in November 2026 covers the 2025 tax year. Taxes become delinquent on April 1 if unpaid, at which point a 3% penalty is added immediately and interest begins to accrue.

Early Payment Discounts

Florida's discount schedule gives you a direct financial incentive to pay before the March 31 deadline. Pay in November and you receive a 4% discount. Pay in December and you receive 3%. Pay in January and you receive 2%. Pay in February and you receive 1%. Pay in March and you pay the full amount with no discount. On a $10,500 bill, paying in November instead of March saves you $420. That is money worth planning around.

What Happens If You Miss the Deadline

Unpaid Miami-Dade property taxes become a lien on the property, and the county can sell tax certificates to investors after April 1. If the lien goes unredeemed for two years, the certificate holder can apply for a tax deed sale, which can ultimately result in the loss of the property. Most homeowners with a mortgage never face this scenario because lenders require escrow accounts and pay taxes directly from the escrow balance. But cash buyers and investors who manage their own tax payments need to track the calendar carefully.

5. How Property Taxes Factor Into Your Miami Home Purchase

Property taxes affect your Miami home purchase in three concrete ways: at the closing table, in your monthly mortgage payment, and in your pre-offer due diligence. Buyers who understand all three avoid surprises that can throw off their budget in the first year of ownership. If you are still getting oriented on Miami's broader market, the 2026 Miami Buyer and Seller Guide covers the full picture of what to expect when buying or selling in this market.

Tax Proration at Closing

Because Florida taxes are paid in arrears, the seller owes taxes for the portion of the year they owned the home, even though the bill has not been issued yet. At closing, the seller credits the buyer for their share of the estimated annual tax bill, prorated to the day of closing. On a $600,000 home with an estimated annual bill of $11,000, a closing on October 1 means the seller credits roughly $8,250 (nine months of the year). That credit goes directly toward your closing costs, which is a meaningful offset.

One important nuance: the proration is based on the prior year's tax bill as an estimate. If the property is being reassessed upward because of the sale, the actual bill when it arrives may be higher than the prorated credit. Buyers sometimes need to set aside a small reserve to cover any shortfall.

Escrow and Monthly Budgeting

Most Miami mortgage lenders require an escrow account that collects one-twelfth of your estimated annual tax bill with each mortgage payment. On an $11,000 annual tax bill, that adds roughly $917 per month to your payment on top of principal, interest, and insurance. For buyers focused on the monthly number, this is a significant line item. A $600,000 home financed with a 20% down payment at current rates carries a principal and interest payment in the range of $3,000 to $3,400 per month; taxes and insurance can push the total monthly obligation to $4,500 or more.

Checking the Tax History Before You Buy

Never rely on the seller's current tax bill as a proxy for what you will pay. A long-term Miami homeowner with homestead and Save Our Homes protection may be paying taxes on an assessed value of $350,000 while the home sells for $600,000. Your assessed value will reset to $600,000 in year one, roughly doubling their tax bill. Always look up the property on the Miami-Dade Property Appraiser's website and calculate based on the purchase price, not the seller's history.

The same logic applies to condos in Brickell, Edgewater, and Wynwood, where many sellers have owned since before the market run-up and carry very low assessed values relative to current list prices. If you want to understand what homes in those areas are actually trading for right now, the September 2026 Miami average home price breakdown gives you current market context to pair with your tax estimate.