Property tax in Miami? I'm very confused!!! HELP?

Question

Me and my husband want to buy an apartment or house in miami. We have a budget of 200,000. But i'm trying to factor in property tax and i'm confused.

So if we buy a 200K flat, we get taxed on the 200K. But if miami prices go up the following year and my flat is worth 300K, do I have to pay taxes on 300K. What if I can't afford it? Do I loose my house to the government tho I can totally afford the mortgage.

Does the tax bill change every year??? That can't be right. how do you keep track of your money if you haven't a clue what your tax bills are.

Answer 1

Relax! The tax bills may go up or down a bit every year based on if taxes increase or decrease. They also will go up and down base on your properties fair market value. This is different than your homes actual market value. Example I bought my house 105000 and FMV is 91,000. I bought condo in Myrtle Beach for 49,000. I paid taxes on the FMV for 37,000. I just sold it with in a year of paying taxes on my fmv of 37,000 for a total 66,000.

Check with your local Tax assessor's office they can help or your tax assessor's website or county site.

FMV is bases on the land you have and the cost to build your house. (cost goes up very little each year)
Also property tax is based what % the property tax is at. Also it is based on what school districted you live in and what other exemptions/credits you might be entitled to.

Answer 2

You pay property tax on whatever the assessor says the property is worth. This is not necessarily what you bought it for. If your property is assessed higher than other comparable properties, you can appeal your assessment and try to get it lowered.

Property tax can change every year in a couple ways - either if your assessment changes, or if the tax rate in your area changes.