Moving to Miami from New York.

What a home in Miami costs to buy and hold.

At the prime price Knight Frank, The Wealth Report 2026 publishes for Miami (Q4 2025), a 200 m² home costs about $3.4M and US$1M buys about 58 m². The income tax a New York filer on $1M keeps in Miami over 10 years buys about 62 m² there.

On the purchase. In Miami-Dade County the documentary stamp tax on a deed is 60 cents for each $100 of the price. Miami-Dade adds a surtax of 45 cents for each $100 on a deed for property other than a single-family residence. A single-family residence, a detached home or a condominium unit, is exempt. A mortgage carries a documentary stamp tax of 35 cents for each $100 borrowed, with no cap on the mortgage itself. A loan secured on Florida real property also carries the nonrecurring intangible tax of 2 mills, 0.2% of the loan. Sources: Miami-Dade Clerk of the Court and Comptroller, Official Records, checked 4 November 2026, Florida Statutes 201.031 and 125.0167, checked 4 November 2026, Florida Statutes 201.08(1), checked 4 November 2026, Florida Statutes 199.133(1), checked 4 November 2026.

Property tax a year, by quarter

Every authority on the bill together, at the 2026 adopted millage (City of Miami Beach 18.6681 mills, City of Miami 19.9544 mills, City of Coral Gables 18.1518 mills). Source: Miami-Dade Property Appraiser, 2026 adopted millage chart, total of all taxing authorities (municipal codes 0200, 0100, 0300).

A permanent home. An owner who makes the home a permanent residence in good faith on 1 January gets the homestead exemption: the first $25,000 of assessed value is exempt from every levy, and a second amount, indexed each year, on value between $50,000 and $75,000 is exempt from levies other than school. On a homestead the assessed value may rise each year by no more than 3% or the change in the consumer price index, whichever is lower. A home that is not a homestead, a second home included, has its assessed value capped at a rise of 10% a year on levies other than school. Sources: Florida Statutes 196.031(1), checked 4 November 2026, Florida Statutes 193.155(1), checked 4 November 2026, Florida Statutes 193.1555, checked 4 November 2026.

Every cost, side by side with Dubai: what a home costs to buy and hold in Miami and Dubai. A $5M home across 16 US addresses: property tax on a $5M home in US luxury markets.

What the move does not settle.

New York State looks at the move. A state that taxes its residents can still claim a high earner who keeps ties after leaving. The New York exit tax sets out the rule.

Property tax takes part of it back. A $5M home in Miami-Dade pays $90,759 to $99,772 a year at the 2026 millage. A buyer who makes it a permanent home gets the homestead exemption and a cap on the yearly rise in assessed value.

Hazard. FEMA's National Risk Index rates Miami-Dade County Very High, with inland flooding and hurricane first among its hazards (version 1.20, December 2025, FEMA National Risk Index).