What Will Your Property Taxes Be if You Buy a Home in Miami or Coral Gables?

posted on January 18th, 2010 filed under: Real Estate News

Ever look at a listing sheet for a property for sale in Miami or Coral Gables and see an attractively low figure for property taxes?  Don’t be misled.  The figure on the listing sheet is almost certainly not the amount you will pay.  Do not rely on it.

To get a realistic estimate of the property taxes on that home you’re thinking of buying in Miami or Coral Gables, there is no substitute for the Tax Estimator on the Miami-Dade Property Appraiser web page.  Go to

http://www.miamidade.gov/pa/tax_estimator/TaxEstimator.asp

check the box for approving the terms of use, and click the button to Proceed to the Tax Estimator Worksheet.

The worksheet will first require you to enter the sale price or market value.  If you’re buying a foreclosure or short-sale property, be careful.  The Miami-Dade Property Appraiser will value your house according to non-distressed sales of comparable properties in the area, unless all the sales have been distressed sales.  So if you’re buying a foreclosure or short sale in Miami or Coral Gables, enter a realistic value in a normal transaction.

Nest, you’ll need to enter either the municipality or the property’s folio number (a unique identification number assigned to every property in Miami-Dade County).  The folio number is more exacting, and is easy to find by searching the property information at the Property Search page of the Miami-Dade Property Appraiser web site.  If you haven’t used that resource, you should.  Lots of important info like the official square footage of the structure and lot, number of beds & baths, and the last recorded sale date and price.

The tax estimator gives only that — an estimate.  But it’s the best approach to figuring out what your property taxes will be if you buy real estate in Miami or Coral Gables.

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posted by // This entry was posted on Monday, January 18th, 2010 at 10:18 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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