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. For more information on millage rates or any of your real estate needs, please don’t hesitate to call me at 305-798-8685 or visit my website: Luxury Miami Real Estate.
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #7 Realtor company-wide at EWM in 2014, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!