The True Cost of Relocation

The Mechanics Behind the Math

The calculations above are not arbitrary. We've built this tool using the actual structural factors driving Miami's carrying costs today. Most out-of-state buyers are shocked by the delta between a Zillow estimate and their actual closing disclosures. Here is why:

1. The Property Tax Reset

Florida's Save Our Homes amendment caps annual assessed value increases for homesteaded residents at 3% or inflation, whichever is lower. This means a seller who bought in 2010 might be paying taxes on an assessed value of $400k for a house now worth $1.5M. When you buy, that cap comes off. The property is reassessed at current market value. Never base your budget on the previous owner's tax bill. We calculate taxes at approximately 1.9% of the purchase price, divided by 12.

2. The Insurance Crisis

Florida is currently experiencing a historic property insurance crisis. National carriers have largely pulled out, leaving the state-backed Citizens Property Insurance as the insurer of last resort for many. For Single Family Homes, we estimate insurance at 1.2% of property value annually for non-flood zones, jumping to 2.2% in high-risk zones.

3. SB 4-D and Condo Reserves

Following the Surfside collapse, Florida passed legislation requiring all condos three stories or higher to complete milestone inspections and fully fund their structural reserves. If you are buying a condo older than 25 years, the HOA fee you see on the listing is almost certainly going up. We apply a heavy premium to estimated HOA costs for older buildings in our calculator to reflect impending special assessments.