The Real Cost of Owning a Condo in Miami (2026)

Property taxes in Miami-Dade

Property taxes are usually the largest annual cost after HOA fees. In Miami-Dade County, the combined rate for a property that does not have a homestead exemption is roughly 1.8% to 2.2% of the assessed value as of 2026, depending on the municipality (for example, City of Miami, Miami Beach, Coral Gables or unincorporated areas) and the special districts that apply. Rates are set every year by the county, cities, school board and other taxing authorities.

Florida’s Save Our Homes cap, which limits annual assessment increases to 3% or the inflation rate (whichever is lower), applies only to homestead properties, meaning a permanent residence of an eligible owner. Most second homes and investment condos are non-homestead. For those, Florida caps annual assessment increases at 10% for non-school taxes; the school portion is not capped.

Taxes are paid in arrears, and the bill arrives in November with discounts of up to 4% for early payment. When you buy, your assessment can reset toward market value the following year, so the seller’s current tax bill may understate yours. Always estimate your future taxes with the Miami-Dade Property Appraiser’s tools and confirm with your title company.

HOA and maintenance fees: what they cover

Every condo owner pays monthly (or quarterly) maintenance fees to the condominium association, often called HOA fees. They fund building operations, staff, amenities and the master insurance policy, and they contribute to reserves for future repairs.

Fees are usually quoted per square foot per month and vary widely by building age, services and amenities. As a rough 2026 reference, many Miami buildings fall somewhere around $0.80 to $1.50 per square foot per month, while full-service luxury towers can be considerably higher. Treat any range as a starting point and check the actual budget of the building you are considering.

• Master insurance policy for the structure and common areas
• Staff: front desk, valet, security, management, maintenance
• Amenities: pool, gym, spa, common areas
• Common-area utilities; sometimes water, basic cable or internet
• Contributions to reserves for roofs, elevators, structure and more

Florida’s post-Surfside condo laws and special assessments

After the 2021 collapse in Surfside, Florida passed SB 4-D in 2022, later updated by laws such as SB 154 (2023) and HB 913 (2025). Among other things, these laws require milestone structural inspections for condo buildings of three or more stories once they reach a certain age, and Structural Integrity Reserve Studies (SIRS) for key components such as the roof, structure, fireproofing, plumbing, electrical systems and waterproofing. Associations generally can no longer waive or underfund reserves for those items.

The result is that many associations, particularly in older buildings, have raised HOA fees and approved special assessments to fund repairs and reserves. In some cases, those assessments are significant. Newer buildings are generally less affected, but they are not exempt from the rules going forward.

Before buying, ask for and review the building’s milestone inspection status, the latest SIRS, the current budget and reserve balances, recent and planned special assessments, and the minutes of recent board meetings. A Florida real-estate attorney can help you interpret what you find.

Insurance: HO-6 policies, windstorm and flood

The association’s master policy generally covers the building structure and common areas, but not everything inside your unit. Owners typically buy an HO-6 policy, which can cover interior finishes, improvements, personal property, loss assessment and personal liability. Lenders require it if you finance, and many associations require it too.

In South Florida, windstorm coverage and hurricane deductibles are key points to check, and flood insurance is a separate policy. Insurance costs in Florida have risen in recent years, so get a quote during your inspection period rather than assuming a number.

Utilities and everyday costs

Electricity is usually the main utility you pay directly, and air conditioning makes it a year-round expense in Miami. Depending on the building, water, basic cable or internet may be included in HOA fees, or billed separately.

Also budget for occasional costs such as parking or storage fees, move-in deposits, amenity reservations and minor repairs inside your unit, which are your responsibility rather than the association’s.

Closing costs when you buy

Closing costs depend on the price, whether you finance and whether it is a resale or new construction. Owner’s title insurance premiums in Florida are set by state regulation; in Miami-Dade, the buyer customarily pays for the owner’s policy on resales, although this is negotiable. You will also pay recording fees, the title company’s settlement charges and an estoppel letter from the association.

Documentary stamp tax on the deed is usually paid by the seller in Miami-Dade resales; in new construction, developers often pass it to the buyer, so read the contract. If you take a mortgage, Florida charges documentary stamp tax on the note of 0.35% of the loan amount and intangible tax of 0.2% of the loan amount, both normally paid by the borrower, plus lender fees and an appraisal.

• Owner’s title insurance and title search
• Recording fees and settlement charges
• Association estoppel and application fees
• If financing: mortgage doc stamps (0.35%), intangible tax (0.2%), lender fees, appraisal
• Possible developer pass-through costs on new construction

Property management if you rent

If you plan to rent your condo, a property manager can handle tenant screening, association approvals, rent collection and maintenance. Fees for long-term rentals are often a percentage of monthly rent, frequently in the high single digits to around 10%, plus a leasing fee for new tenants. Short-term management, where allowed, usually costs more.

Remember that rental income for foreign owners has its own US tax rules. Our guide on renting out your Miami condo explains them in more detail.

Putting the cost of owning a condo in Miami together

A simple annual budget adds property taxes, twelve months of HOA fees, HO-6 and any flood insurance, utilities and a reserve for repairs or special assessments. Comparing that total across several buildings often changes which option looks best on paper.

S&S Real Estate Miami’s bilingual advisors can request budgets, reserve information and fee histories for the buildings on your list so you can compare real numbers before making an offer.

Disclaimer

This guide is for general information only and is not legal, tax or financial advice. Tax rates, fees and condo laws change frequently, and all figures here are approximate. Verify amounts with the Miami-Dade Property Appraiser, a title company and a qualified Florida attorney or CPA.