Doral Real Estate Taxes

Doral has a millage rate of $20.6063 per thousand. It’s the amount per $1,000 that is used to calculate taxes on property. Millage rates are annually adopted by ordinance usually by October 8th.

Please note that current or previous year’s taxes may not accurately forecast future property taxes. Property taxes can increase from one year to the next for various reasons:

  • Some of these reasons may be that the market value has changed
  • The millage rate (also known as the tax rate) has changed
  • That the property has lost an exemption, or a property that was receiving an Amendment 10 “Save Our Homes” cap on assessed value has had the cap removed because it was sold.

There are two components of taxes which comprise the total amount:

Ad Valorem Taxes – These are property taxes based on the property value. Tax money flowing into the Capitol building in Washington D.C.

Taxing Authority

Countywide

Doral

School Board

Children’s Trust

Non-Ad Valorem Assessments – These are assessments against the property that are not based on market value. They include special assessments and service charges for items such as:

LIGHTING DISTRICT             (305) 375-5597

MAINTENANCE DISTRICT (305) 375-5597

SOLID WASTE                        (786) 331-5321

Special Considerations:

             Homestead Exemption Timelag

If you purchase a home after January 1st, you may inherit the previous owner’s Homestead Exemption and assessment limitation for that year. The following year, however, the homestead exemption and assessment limitation will be removed resulting in a higher assessed value.

If this property is your permanent residence to the exclusion of all others, you will have to file an original exemption application by March 1st. For additional information on deadlines and application forms, please contact the Property Appraiser’s office at 305-375-4125.

Obtaining a homestead exemption will qualify you for two tax benefits:

(1) A reduction of $50,000 off of your assessed value ($25,000 off of the assessed value for School Board taxes)

(2) Beginning in the 2nd year, a limitation on any annual increase of your assessed value at no more than 3% regardless of the increase in the property’s market value.

Please note that any final determination of eligibility for Homestead Exemption depends on applicable Florida law.

If you are buying a home in which the seller had a homestead exemption, you should be aware that the seller’s assessed value may be artificially low due to the “Save Our Homes” limitation on the increase in assessed value. When the property is sold, this limitation is removed and the property is appraised at market value for the next tax year. This fact may result in a significant increase in taxes.

On a purchase of say a home in Doral for $305,000:

  • Without Homestead Exemption: Approximate taxes would be $6,496 per year.
  • With Homestead Exemption: $5,672.

 

Some Definitions:

"Market Value" means the most probable price in cash, terms equivalent to cash, or in other precisely revealed terms, for which the appraised property will sell in a competitive market under all conditions requisite to fair sale, with the buyer and seller acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.

"Mill" means one one-thousandth of a United States dollar. "Millage" (Millage Table Page) may apply to a single levy of taxes or to the cumulative of all levies.

"Save Our Homes (SOH) – Amendment 10" – Limits the increase of assessed value for a home by 3% or the Consumer Price Index, whichever is less.  The assessment limit begins in the second year of your homestead exemption.  See a more detailed explanation of Amendment 10.

"Taxable value" means the assessed value of property minus the amount of any applicable exemption provided under s. 3 or s. 6, Art. VII of the State Constitution and chapter 196.

* Source- http://www.miamidade.gov/pa/glossary.asp

Check out the link above. It’s a great source for tax information, and you should definitely check out the tax estimator provided, it gives you a great picture (estimate) of what your taxes will look like after buying a home. For more detailed information you should consult professionals in this subject, i.e. Your tax or real estate attorney, CPA or accountant.

 

“Nobody Knows Doral Real Estate Like teamDoral”

If you are considering selling your Doral home and you would like a comparative market analysis, feel free to contact me for an appointment (786) 287-9272.  I also specialize in short sales and distress sales.  If you are interested in buying a home in Doral, I will be happy to assist you and provide a list of available homes in Doral and the surrounding areas.
Richard Recuset is a Realtor®, Short Sale Agent, and Certified Distressed Property Expert (CDPE) serving the City of Doral, Fl and surrounding areas.td Remax

*Nothing in this article is intended to solicit listings currently under contract with another broker.  This article offers no legal or tax advice and is for information purposes only.  Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement.  teamDoral- A REMAX Premier Associates Group, is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

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