Property Tax Rates In Miami Now At The Second Lowest In Three Decades

Miami commissioners voted last week to lower property tax rates.

Mayor Francis Suarez noted in a social media video that the new millage rate for 2019 will be the second lowest in the city over the past three decades.

Under the new budget, the total millage rate for the city is dropping from 8.03 in 2018 to 7.99 this year.

Still, Miami is seeing a jump in tax revenue thanks to a property boom. Taxable values are up 10.5% for 2019 when including new construction, while existing values are up 4.5%.

Neighboring coastal cities with a concentration of high-value property also enjoy a lower millage rate than the city of Miami.

Suarez noted that crime rates in Miami are also now at the lowest they have been in over 50 years.