Miami’s Mayor announces Second Lowest Property Tax Rates in Three decades
August 3, 2019
Last week, Miami commissioners voted to reduce the property tax rates in the city, making it the second-lowest over the past three decades, according to Mayor Francis Suarez in a social media video.
With the new budget, the total millage rate for Miami is decreasing from 8.03 in 2018 to 7.99 this year. Nonetheless, the city still sees a jump in tax revenue due to a property boom. Taxable rates are up 10.5% for 2019 when adding new construction while existing prices are up 4.5%.
Adjacent coastal cities with a density of high-value property also have a lower millage rate than the city of Miami.
