Buying or already own a home in Coral Gables? Florida’s homestead exemption can reduce your property tax bill and protect you against sharp assessment jumps over time. If you understand a few key rules and dates, you can lock in meaningful savings and plan smarter for your next move. In this guide, you will learn how the exemption works in Miami‑Dade, who qualifies, how to file, and how to use portability to carry your tax benefit to a new Florida home. Let’s dive in.
What the Florida homestead exemption does
Florida’s homestead exemption reduces the taxable assessed value of your primary residence. It has two parts that work together.
- The first $25,000 applies to all taxing authorities, including schools.
- The additional up to $25,000 applies only to non‑school taxes and only to the portion of your assessed value above $50,000.
This means the exemption lowers the taxable base for county, city, and special district taxes. School taxes only benefit from the first $25,000 portion.
How it lowers taxes in Coral Gables
If you live in Coral Gables, you pay Miami‑Dade County, City of Coral Gables, school district, and special district millages on your taxable value after exemptions. The homestead exemption reduces that taxable value, which can lead to a lower bill. The second part of the exemption does not reduce school taxes.
Here is a simple illustration. If your assessed value is $400,000, the exemption can reduce it by up to $50,000 for non‑school taxes and by $25,000 for school taxes. Your final taxes depend on current millage rates set by the county, city, schools, and special districts.
Save Our Homes protects you over time
Florida’s Save Our Homes assessment cap limits how much your assessed value can increase each year once you have a homestead. The cap is the lesser of 3% or the change in the Consumer Price Index for that year.
Over time, this creates a gap between market value and assessed value. That gap is your Save Our Homes benefit. In rising markets like Miami‑Dade, this benefit can grow and become a major long‑term savings tool.
Why it matters in Miami‑Dade
When values rise quickly, the cap slows the growth of your assessed value. Your taxable value may lag far behind market value. That keeps your annual tax increases more predictable. Later, if you buy another Florida home, you may be able to transfer some or all of that gap to your new homestead using portability.
Who qualifies and what you need
To qualify, you must meet statewide criteria as of January 1 of the tax year.
- You own the property as of January 1.
- It is your permanent primary residence as of January 1.
- You are a Florida resident and intend to make Florida your permanent home.
Common documents you may need when you apply include:
- Deed or recorded ownership document or a closing statement.
- Florida driver’s license or Florida ID with the property address.
- Florida voter registration for the same address, if applicable.
- Florida vehicle registration for the same address, if applicable.
- A recent utility bill or other proof of occupancy.
- Prior homestead documentation if you plan to file for portability.
Special situations to know
- Co‑owners: At least one owner must establish Florida residency and occupy the home as a primary residence. Not all co‑owners must be Florida residents.
- Trusts or entities: Property held in certain trusts may qualify. Rules can be technical. If your title is in a trust or entity, confirm the details with the property appraiser or legal counsel.
- New purchases: If you close after January 1, you usually cannot claim homestead for that tax year. You can typically apply for the following tax year.
How to file in Miami‑Dade County
Filing is simple, but you must meet the dates.
- Ownership and primary residence must be in place as of January 1 of the tax year.
- The filing deadline is March 1. Applications submitted after March 1 are generally not accepted for that tax year.
You can file online, by mail, or in person with the Miami‑Dade County Property Appraiser. The Property Appraiser determines value and exemptions. The Miami‑Dade Tax Collector sends and collects the tax bill. Keep your roles straight so you send the right forms to the right office.
Coral Gables context
Coral Gables homeowners pay city, county, school, and special district millages on the taxable value after exemptions. The homestead exemption reduces the city and county taxable base according to the two‑part structure. For exact dollar estimates, check the current millage rates when planning your budget.
Late filing and appeals
If you miss the March 1 deadline, contact the Miami‑Dade County Property Appraiser immediately. Limited exceptions for excusable circumstances may exist, but you should not rely on them. If an exemption is denied, you can petition to appeal. Read your notice carefully and follow the stated timelines to preserve your rights.
Portability lets you take savings with you
Portability allows you to transfer your Save Our Homes benefit from one Florida homestead to a new Florida homestead. This reduces the assessed value of your new home, subject to statutory limits.
You typically file for portability at the same time as your new homestead application and by the same March 1 deadline. You will need information about your prior Florida homestead, including the assessed value and the size of your Save Our Homes benefit. If your prior homestead was in Florida, the property appraiser’s records will usually provide what you need.
Example of portability in action
- Old home: market value $600,000 and assessed value $300,000. Your Save Our Homes benefit is $300,000.
- New home: market value $700,000. If you port the full $300,000 benefit, the new assessed value could be reduced to about $400,000, subject to legal limits.
Your final tax bill will still depend on local millage rates set by Miami‑Dade County, Coral Gables, schools, and special districts. The key is that portability can meaningfully reduce your taxable value on day one.
Strategy if you plan to move within Florida
- Start early. Gather documentation on your prior homestead’s assessed value and Save Our Homes benefit.
- Apply by March 1 when you file for homestead on the new property.
- Confirm how much of the benefit can transfer based on current rules.
Additional exemptions you might qualify for
Beyond the standard homestead exemption, there are specific exemptions for seniors, veterans, disabled persons, and widows or widowers. Eligibility and amounts vary by statute and local options. These programs are separate from the basic homestead exemption and can further reduce your taxable value if you qualify.
Timeline and checklist for Coral Gables homeowners
Use this simple plan to stay on track.
Timeline
Before or at closing
- Update your Florida driver’s license or ID to your new address.
- Register to vote in Florida if eligible, and update vehicle registration.
- Save your deed or closing statement and a utility bill as proof of occupancy.
- If moving from another Florida homestead, collect prior assessment records for portability.
By January 1
- Own and occupy the home as your primary residence to be eligible for that year’s exemption.
By March 1
- Submit your homestead exemption application to the Miami‑Dade County Property Appraiser.
- File portability at the same time if you are transferring a prior Save Our Homes benefit.
After filing
- Keep your confirmation or receipt.
- Review your property record and notices to confirm the exemption is in place.
Quick checklist
- Do you own and occupy the property as your primary residence on January 1? Yes/No
- Do you have a Florida ID or driver’s license with this address? Yes/No
- Do you have your deed or closing statement and a utility bill showing occupancy? Yes/No
- If moving from another Florida home, do you have prior homestead and Save Our Homes information for portability? Yes/No
- Did you file with the Miami‑Dade County Property Appraiser by March 1? Yes/No
Common mistakes to avoid
- Waiting until late February to gather documents. Start early so you have time to fix issues.
- Assuming closing after January 1 qualifies for the current year. You must own and occupy by January 1.
- Confusing the Property Appraiser with the Tax Collector. File the exemption with the Property Appraiser.
- Forgetting portability. If you had a prior Florida homestead, portability can deliver major savings on a new home.
Final thoughts
If you live in Coral Gables or plan to buy in Miami‑Dade, the homestead exemption and Save Our Homes can protect your budget today and for years ahead. Keep your dates straight, gather your documents, and file on time. If you are moving within Florida, add portability to your plan so you do not leave savings behind.
If you want help planning your purchase or move with taxes in mind, connect with Carlos Beltran for a private consultation tailored to your situation.
FAQs
What is the Florida homestead exemption and how much is it?
- It reduces the taxable assessed value of your primary residence by up to $50,000, with the first $25,000 applying to all taxes and the additional up to $25,000 applying only to non‑school taxes above $50,000 in assessed value.
What is the Save Our Homes cap for Miami‑Dade homeowners?
- Once homesteaded, your annual assessed value increase is capped at the lesser of 3% or the change in the CPI, which can create a long‑term assessment discount.
When is the homestead filing deadline in Miami‑Dade?
- You must own and occupy the property by January 1, and you must file your application by March 1 of that tax year.
How do portability and Save Our Homes work when I move?
- Portability lets you transfer your Save Our Homes benefit from an old Florida homestead to a new Florida homestead, reducing the new home’s assessed value within legal limits.
Who handles exemptions and who collects the tax bill?
- The Miami‑Dade County Property Appraiser handles valuation and exemptions. The Miami‑Dade Tax Collector sends and collects the property tax bill.
Can I claim the homestead exemption if I bought after January 1?
- Generally no. You usually become eligible the following tax year because you must own and occupy on January 1 of the current tax year.
Can more than one property receive my homestead exemption?
- No. The homestead exemption applies only to your primary, permanent residence.
Does the homestead exemption reduce school taxes?
- The first $25,000 of the exemption applies to school taxes. The additional up to $25,000 does not reduce school taxes.
