Income taxes are generally imposed by the federal government and most state governments. The income tax rate can vary depending on the amount of income earned, and people with higher incomes usually pay a higher tax rate. The income tax can also be progressive, meaning that the tax rate increases as the amount of income earned increases.

There is no personal income tax in the State of Florida. Property taxes are used to fund local governments and state services. The amount of property tax you pay is based on the assessed value of your property. The assessed value is usually less than the market value of your property. The amount of taxes you pay also depends on the assessment rate set by the government agency that oversees taxes in your area. Assessment rates are expressed in thousandths, and one thousandth is equal to one-tenth of one percent.

As a Florida homeowner, it’s important to stay abreast of changes in taxation in order to budget accordingly. Understanding how much you will owe in property taxes each year will help you make informed financial decisions about your home.

Depending on the land attachment, in Miami-Dade County, estate taxes can range from 1.75% to 2.00% annually. Other taxes may be levied on a time-limited basis by individual taxing authorities for Special Assessments; the assessed value of the property, which is established by the County of City Tax Appraiser, is used as the basis for the tax calculation.

The property tax is levied once a year, regardless of the residency status of the property owner.