Buyer question
Will my property taxes be the same as the seller’s?
Short answer
Usually not. In Florida a home’s assessed value is reset to market value the year after it is sold, so your tax bill can be much higher than the seller’s, especially if they owned the home for many years.
Why the seller’s bill is lower
For a homesteaded home, Florida’s Save Our Homes rule limits how much the assessed value can rise each year (3% or the rate of inflation, whichever is lower). Over time that keeps a long-time owner’s taxes well below what a new owner will pay.
How to estimate yours
Don’t budget from the seller’s tax bill. The Miami-Dade Property Appraiser has an online tax estimator: enter the purchase price to see an estimate for the home as a new owner.
Applying for the homestead exemption on your new home starts your own cap for the following years.