Same Price, Different Tax Bill: South Florida Condo Taxes for NJ Movers

The Selleck Group | KW City Views Realty

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Two South Florida condos at the same price can carry very different tax bills. The city's millage rate, whether you claim a homestead exemption, and the reassessment after you buy all change the number, and the seller's current bill is rarely what you will pay.

New Jersey buyers are used to comparing towns by tax rate. Florida works on the same idea with different rules. Here is how the math works, with Miami-Dade's 2026 adopted rates and the latest Broward and Miami-Dade condo figures, so you can budget before you write an offer.

The South Florida Numbers

Sources: Miami-Dade Property Appraiser, 2026 Adopted Millage Rates (chart dated October 13, 2026); MIAMI REALTORS®, South Florida Market Stats, September 2026.

• Key Biscayne total adopted millage, 2026: 15.4636 mills
• North Bay Village total adopted millage, 2026: 23.2030 mills (21.8955 in 2025)
• Broward townhouse and condo supply, September 2026: 10.2 months
• Broward townhouse and condo median sale price, September 2026: $235,000 (down 14.5%)
• Miami-Dade townhouse and condo supply, September 2026: 12.3 months

Why would two Florida condos at the same price have different tax bills? Because each city has its own millage rate, and the bill is taxable value times that rate. On a $400,000 taxable value, among six Miami-Dade cities, 2026 adopted totals run from about $6,185 in Key Biscayne to about $9,281 in North Bay Village.

Key Takeaways

• Florida property tax is taxable value times the millage rate, divided by 1,000. One mill is $1 per $1,000 of taxable value.
• Miami-Dade's 2026 adopted total millage is 15.4636 in Key Biscayne and 23.2030 in North Bay Village, per the Property Appraiser's 2026 Adopted Millage Rates chart.
• The seller's bill is not your bill. Under Florida's Save Our Homes rules, a change of ownership ends the seller's assessment cap, and the property is assessed at just value the following January 1.
• A Florida homestead exemption can reduce taxable value by as much as $50,000 if the condo is your permanent residence on January 1 and you apply by March 1, per the Florida Department of Revenue.
• Condo buildings three habitable stories or higher must have a structural integrity reserve study at least every 10 years under Florida law. Read it before you sign, because it drives reserves and assessments.

How Millage Turns Into a Bill

Every Florida tax bill starts with the property appraiser's assessed value, minus any exemptions, which gives the taxable value. Multiply by the total millage and divide by 1,000. The total stacks the rates of the county, the city and several other taxing authorities, so two condos in the same county can carry very different totals.

Here is the same $400,000 taxable value run through several Miami-Dade cities at the 2026 adopted totals.

Table note: Miami-Dade Property Appraiser, 2026 Adopted Millage Rates chart, dated October 13, 2026. Example only, not a quote or prediction. Non-ad valorem assessments, such as some waste collection charges, can add to a bill.

For a New Jersey comparison, our NJ vs. Florida taxes relocation guide puts the two systems side by side.

Why the Seller's Bill Is Not Your Bill

A long-time Florida owner with a homestead exemption has likely benefited from Save Our Homes, which limits annual increases in assessed value to 3% or the change in the Consumer Price Index, whichever is less, per the Florida Department of Revenue. When the condo sells, that cap ends. The Department's guide says a change of ownership triggers assessment at just value on the following January 1.

The practical result is that a seller's bill can understate your future bill, sometimes by a lot. Ask the county property appraiser's office to help you estimate taxes at your purchase price instead of relying on the seller's last bill.

The Homestead Exemption for a New Florida Resident

If the Florida condo becomes your permanent residence, a homestead exemption can reduce its taxable value by as much as $50,000, per the Florida Department of Revenue. To qualify for a given year, you must own the home and make it your permanent residence by January 1, and file with the county property appraiser by March 1.

Two points trip up New Jersey movers. First, Save Our Homes portability only transfers a benefit from a prior Florida homestead, not from a New Jersey home. Second, a condo kept as a second home does not get the homestead exemption, so budget at the full taxable value. I am a licensed real estate agent, not a tax advisor or attorney. Confirm residency dates and tax treatment with your CPA or attorney before acting on them.

Condo Costs That Sit Outside the Tax Bill

The monthly association fee and any special assessment can matter more than the tax rate. Florida's condominium law requires a structural integrity reserve study, or SIRS, at least every 10 years for buildings three habitable stories or higher, under section 718.112 of the Florida Statutes. For budgets adopted on or after December 31, 2024, owners in those associations generally cannot vote to waive or reduce the reserves the law requires for the study items, with limited exceptions in the statute.

Separately, section 553.899 requires a milestone structural inspection by December 31 of the year a condo building reaches 30 years of age, or 25 if the local enforcement agency requires it because of conditions such as proximity to salt water, and every 10 years after that. Before you make an offer, ask for:

• The most recent SIRS and the reserve funding plan.
• The milestone inspection report, if the building has reached that age.
• The current budget, recent financial statements and board minutes, which show what repairs are planned.
• Any special assessment, adopted or under discussion, and how it is billed.
• The insurance certificate and the association's deductible.

The Florida Division of Condominiums, Timeshares and Mobile Homes publishes consumer resources on these requirements. Our post on Florida homeowners insurance for Bergen County buyers covers the insurance side. Insurance costs vary by property, elevation, roof age, construction type and carrier. Get a written quote from your carrier or a licensed Florida insurance agent.

What the South Florida Condo Market Looks Like Now

MIAMI REALTORS® reported 10.2 months of townhouse and condo supply in Broward County in September 2026, down from 11.6 months a year earlier, with a median sale price of $235,000, down 14.5%. Sellers received a median of 92.5% of original list price, and 54.8% of sales were cash. In Miami-Dade, townhouse and condo supply was 12.3 months, with a median of $417,090, down 0.7%, and 49.4% cash sales.

Supply that high gives buyers time to read the documents and room to negotiate on price, credits or closing date. It also means a resale later may take time, which is another reason to buy a building with healthy reserves.

Selling in New Jersey First

If you are also selling a home in Bergen or Hudson County, the order matters, because the sale here funds the purchase there and the Florida homestead clock runs on January 1. Our post on selling your Bergen County home before your move to Florida covers the sequence, and the Southbound Blueprint lays out the New Jersey sale and the Florida plan in one document.

I hold a Florida license with Keller Williams Boca Raton Realty in addition to my New Jersey license. My verified career record shows over 500 transactions closed, and my story explains how I came to this work.

The Three Pillars Behind Every Good Decision

Every real estate decision sits where timing, lifestyle, and finances meet. Start with the first and work through all three.

Timing and Strategy

Line up the New Jersey sale, the Florida purchase and the January 1 homestead date. Closing a few weeks earlier or later can change your first full year of Florida taxes.

Lifestyle and Location Fit

Compare cities, not just buildings, because the millage changes at the city line. Read each building's rules on rentals, pets and renovations before you commit.

Financing and Cash-Flow

Budget taxes at your purchase price, add the association fee, insurance and any assessment, and keep a reserve for the first year. Confirm the figures with a Florida tax advisor and your lender.

Frequently Asked Questions

Will my Florida condo tax bill be the same as the seller's?

Usually not. Under Save Our Homes, a change of ownership ends the seller's assessment cap, and the property is assessed at just value the following January 1, per the Florida Department of Revenue. Estimate taxes at your purchase price.

What is millage in Florida?

Millage is the tax rate. One mill equals $1 of tax per $1,000 of taxable value. Your bill is taxable value times the total millage, divided by 1,000. The total combines the rates of the county, the city and other taxing authorities.

Which Miami-Dade cities have lower property tax rates?

Among the six cities in the table above, the Property Appraiser's 2026 adopted chart puts Key Biscayne lowest at 15.4636 mills and North Bay Village highest at 23.2030. Confirm the rate for the specific address's millage code.

Can I get the Florida homestead exemption on a second home?

No. The homestead exemption applies to your permanent residence. You must own the home and make it your permanent residence by January 1, and apply with the county property appraiser by March 1, per the Florida Department of Revenue.

What should I ask for before buying a South Florida condo?

The structural integrity reserve study, the milestone inspection report if one is required, the budget, recent financial statements, board minutes, any special assessment and the insurance certificate. Have a Florida real estate attorney review them.

Planning a move from New Jersey to South Florida? Start with the Southbound Blueprint, see what your New Jersey home could fund with a home valuation, take the Seven-Question Assessment (7 questions, about 90 seconds), or Request an appointment and we will run the actual numbers together.

For more on each town, see the Community Guides and the full library at SelleckSellsNJ.com.

For a quick question first, ask my AI assistant on Delphi. It is an AI trained on my material, not a person.

Scott Selleck
Broker Sales Associate | The Selleck Group | KW City Views Realty
SRES, e-PRO | Licensed since 1993. Over 500 transactions closed.
NJ Real Estate Broker Sales Associate License #9236275.
FL Real Estate Sales Associate License #SL3588731. Licensure does not imply endorsement.
2200 Fletcher Avenue, Suite 502, Fort Lee, NJ 07024
Cell: (201) 970-3960 | Office: (201) 592-8900
Email: [email protected]
Website: SelleckSellsNJ.com
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Florida
Keller Williams Boca Raton Realty
7280 W Palmetto Park Rd, #110, Boca Raton, FL 33433
Office: (561) 997-0500
FL Real Estate Sales Associate License #SL3588731

NJ Real Estate Broker Sales Associate License #9236275. Licensure does not imply endorsement. FL Real Estate Sales Associate License #SL3588731, Keller Williams Boca Raton Realty. Keller Williams City Views Realty and Keller Williams Boca Raton Realty. Each office is independently owned and operated. Broker compensation in New Jersey is fully negotiable and is not set by law or by any board or association of REALTORS®. This article is general information only and is not legal, tax, or financial advice. Confirm your own costs with your real estate attorney, tax advisor, or lender.Equal Housing Opportunity.

I am a licensed real estate agent, not a tax advisor or attorney. Confirm residency dates and tax treatment with your CPA or attorney before acting on them.

Miami-Dade millage figures are 2026 adopted rates from the Property Appraiser's chart dated October 13, 2026. Tax figures are examples, not your bill.

Top 5 Sources

• Miami-Dade Property Appraiser, 2026 Adopted Millage Rates chart (October 13, 2026). miamidadepa.gov (PDF)
• MIAMI REALTORS®, South Florida Market Stats, September 2026 (Broward and Miami-Dade townhomes and condos). miamirealtors.com
• Florida Department of Revenue, Property Tax Exemptions, and guides PT-112 (Save Our Homes and Portability) and PT-113 (Homestead Exemption). Exemptions · PT-112 (PDF) · PT-113 (PDF)
• 2026 Florida Statutes, section 718.112 (structural integrity reserve study) and section 553.899 (milestone inspections). s. 718.112 · s. 553.899
• Florida Department of Business and Professional Regulation, Division of Florida Condominiums, Timeshares and Mobile Homes. myfloridalicense.com

Three pillars. One calm process.

Every client conversation begins with timing, lifestyle fit, and cash-flow, so the decision becomes a clear plan instead of a guess.

Compare towns before the next move.

Use the Community Guides to weigh Bergen and Hudson County towns before you commit.

Equal Housing Opportunity | The Selleck Group at KW City Views Realty