Property taxes for new home purchase

antoniusb
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I have received conflicting information as to how the property value is determined for property tax purposes here in Miami. On the one hand, I was told that when I record my purchase, the appropriate taxing authority will use my purchase price as the basis for property tax from that point going forward.

However I was told by a realtor that the taxes are based on current assessed value on the tax roles. I can request a reassessment but this could take up to two years based on the current backlog of these requests according to the realtor.

This would have a huge impact on my decision on whether or not to purchase. Many of the homes I am considering have current annual property taxes of ~$10K compared to the ~$4K that I would owe based on what the purchase price would be.

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September 24 2009 - Miami

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Answers (2)

Joan Lorberbaum Moore, "Joan Lorberbaum Moor"
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Hi!
As my more usual sales area is Palm Beach County & for which I am more familiar with how our real estate taxes are calculated I only feel comfortable in offering you this link to the Miami Dade Property Appraiser's office:
http://tinyurl.com/yb5y9gl

In the left hand column of the site look for "Tools and Reference Materials" and then "Tax Estimator." At the bottom of that page is a link to a worksheet that should be of help in answering your questions.

Good luck in your home purchase.

-Joan

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September 24 2009

sunnyview
Contributions:25139

I think that taxes are very important to consider. Most places that have an appeal system do not give refunds for previously overpaid taxes. I do not know about how Florida deal with that. You can contact the assessor here and ask how they deal with this situation. It is worth finding out about before you buy.