Miami’s Mayor announces Second Lowest Property Tax Rates in Three decades
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.