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2024 Miami Dade Homestead Exemption

Carole Smith

New residents of Miami-Dade County may be unaware of the valuable property tax program that brings substantial savings to homeowners. The primary benefit of this program is the potential to save up to $50,000 annually on a home's taxable value. However, the real game-changer is the "Save Our Homes Cap." This feature provides long-term peace of mind by preventing sharp increases in property taxes capped at 3% year over year, even during strong real estate market periods.
This exemption is exclusively available to primary residence property owners, and the application deadline is March 1st. It's advisable to apply shortly after closing to ensure eligibility. 

Given the increase in Miami-Dade County property values, this is extremely beneficial. It will keep property taxes at a reasonable rate of growth as opposed to a spike each year that we have a strong real estate market.

  • You can only claim this exemption on a property that is your primary residence.
  • The deadline to file is March 1st. It is best to just apply as soon as you can after closing.


Miami also offers a homeowner who already has Homestead Exemption a benefit called Portability.

  • This provides a homeowner the ability to transfer the Save Our Homes value up to $500,000 to a new homestead property purchase.
  • This transfer or “port” is known as the Homestead Assessment difference.
  • This is the difference between the Assessed and Market Value of a homeowner’s previous Homestead property.

So here’s a practical example, as this can certainly be confusing.

Let’s say you have owned a home for 5 years. On the tax roll, the market value is $1,000,000 and the Assessed Value is $700,000. This means you have a Save Our Homes Assessment Difference of $300,000. If you use portability to upsize and buy a home with a market value of $1,300,000, you would port over the $300,000 that you had on the other home and set your new Assessed Value at $1,000,000 to start. That’s a considerable tax savings!

If you downsize to a less expensive home with say an $800,000 Market value, there is a different calculation.

Step 1: you calculate your Save Our Homes Assessment Difference divided by your Previous Market Value, which equals your Cap Ratio.

Step 2: you calculate your Cap Ratio multiplied by your new home’s Market Value. In this example, it would look like this: 

$300,000 / $1,000,000 = 0.3 Cap Ratio

0.3 x $800,000 = $240,000 PORT

$800,000 - $240,000 = $560,000 Assessed Value for your new home 

For those downsizing to a less expensive home, a different calculation applies. You'll need to calculate your Cap Ratio and use it to determine the assessed value of your new property.

Miami-Dade has a resourceful website that explains these benefits to you—as well as some exceptions and limits—and allows you to apply online as well: miamidade.gov/pa/exemptions.asp

We know this can be daunting! Communicate with an experienced Realtor, attorney and/or accountant, and they can walk you through these steps, and help you understand the process.


Carole and Cristina believe that our homes are an important part of our lives, giving us shelter, security, and a means of self-expression. Separate from the constraints of necessity, many homes are a microcosm for the things we hold most dear — family, memories, relaxation and sense of belonging.

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