Impuestos a la Propiedad en Miami y Florida, Guía del Comprador

Florida's tax structure is the single most-quoted reason wealthy Americans relocate to Miami. The headline is true: no state income tax. But the full picture has four layers, and most foreign buyers underestimate three of them.

Layer 1, Property tax (Miami-Dade specifics)

• Effective rate: 1.9–2.1% of assessed value per year, depending on municipality within Miami-Dade.
• Includes county, school board, municipality, and various special districts.
• Paid annually in November (4% discount if paid by November 30); delinquent April 1.
• Assessed value is set January 1; market vs assessed gap can be significant.

Layer 2, Federal income tax on rental

Florida has no state tax on rental income, but federal applies. Foreign owners file Form 1040-NR (or elect 'effectively connected income' treatment via Form W-8ECI to deduct expenses). The latter is almost always more favourable for serious investors, gross rent withholding is 30% without election.

Layer 3, Capital gains on sale

• Federal long-term capital gains (held >1 year): 0% / 15% / 20% brackets based on income.
• Net Investment Income Tax (NIIT): additional 3.8% for high-income filers.
• FIRPTA withholding (foreign sellers): 15% of gross sales price withheld at closing.
• Florida state capital gains: 0%.
• Combined federal worst case: 23.8% on the gain.

Layer 4, Hurricane / wind insurance

Not a tax but a recurring annual cost foreign buyers underestimate. Miami-Dade requires hurricane (wind) insurance on financed properties; cash buyers often skip it (bad idea). Typical premium on a $700,000 Homestead single-family: $3,500–$7,000 annually. New construction (2002+ Florida Building Code) earns significant premium discounts versus older inventory.

Homestead Exemption + Save Our Homes, the owner-occupant shield

1. Make Florida your primary residence (180+ days per year recommended).
2. File homestead application by March 1 with the Miami-Dade Property Appraiser.
3. Assessed value drops by $50,000 immediately.
4. Save Our Homes caps annual assessed-value growth at 3%, even if market value doubles over 10 years.
5. Portability: $500,000 of accumulated SOH savings transfer to your next Florida primary residence.

1031 exchange, defer capital gains across re-investments

Section 1031 of the IRC lets you defer federal capital gains tax by exchanging your investment property for another US investment property. Strict timelines: identify replacement within 45 days of sale, close within 180 days. Foreign sellers can use 1031, but FIRPTA withholding still applies unless paired with a Withholding Certificate filing.

FIRPTA Withholding Certificate (Form 8288-B)

• Filed BEFORE closing, must start 90+ days prior to sale.
• IRS computes actual expected gain and approves reduced (or zero) withholding.
• Without it: 15% of gross sale price held until you file 1040-NR for refund (6–18 months).
• Cost: $1,500–$3,500 in accountant fees. Worth it on any sale >$500,000.

Quick-reference rates table

• State income tax: 0%
• Property tax: 1.9–2.1% of assessed value
• Federal LTCG (high earner): 20% + 3.8% NIIT = 23.8% on gain
• FIRPTA gross withholding: 15% of sale price
• Hurricane insurance: $3.5–7k annual ($700k home)
• Property tax discount for paying by Nov 30: 4%
• Homestead exemption: −$50,000 of assessed value
• Save Our Homes cap: 3% per year on assessed value growth

“The Florida tax advantage compounds. Year 1 it looks like a 2% property-tax bill versus a 6% New York state income tax. Year 10 it's an 18% lifetime tax differential, which goes back into your principal.”