What is the Florida property tax cap, and how does Save Our Homes protect my Miami home?

Florida has no state income tax, but property tax is the other side of the coin: roughly 1.9–2.1% of assessed value annually in Miami-Dade. The state mitigates this with two powerful protections for primary residences: the Homestead Exemption and the Save Our Homes assessment cap.

The Homestead Exemption

• Reduces the taxable assessed value of your primary residence by $50,000.
• Available to permanent Florida residents who own and occupy the home as their primary residence on January 1.
• Must be filed with the Miami-Dade Property Appraiser by March 1 of the year you want it to apply.

The Save Our Homes 3% cap

Once homestead is granted, the assessed value (what's used to calculate tax) can rise by AT MOST 3% per year, even if market value jumps 25%. Over a 10-year hold this saves hundreds of thousands of dollars in cumulative property tax.

1. Year 1: assessed value frozen near purchase price.
2. Years 2+: assessed value can only rise 3% (or CPI), even if market value doubles.
3. Sale or rent-out: cap resets. New owner starts at current market assessed value.
4. Portability: when you sell and buy another Florida primary residence, you can carry up to $500,000 of the cap savings to the new home (apply within 3 years).

What homestead does NOT do

• Does NOT apply to second homes, rental properties, or commercial real estate.
• Does NOT apply to non-resident foreign owners (you must be a permanent Florida resident).
• Does NOT cap the millage rate, only the assessed-value growth. If Miami-Dade raises the rate, your tax rises.
• Does NOT survive renting out the property, convert to rental and you lose homestead permanently for that property.

“Save Our Homes is why Florida-resident owners pay less property tax in year 10 than a recent buyer next door paying market-assessed value. It rewards long holds.”