Buying or owning a home in Coral Gables comes with one tax break you do not want to miss: Florida’s homestead exemption. It can lower your property tax bill and help protect you from big assessment jumps over time. If you are comparing neighborhoods or planning a move, this is a key part of your long-term budget.
In this guide, you will learn what the homestead exemption is, who qualifies, how to file in Miami-Dade, and how to estimate your savings. You will also see how Save Our Homes and portability work when you move within Florida. Let’s dive in.
What the homestead exemption does
Florida’s homestead exemption reduces the taxable assessed value of your primary residence. That reduction lowers the base used to calculate your annual property taxes. For statewide rules and examples, review the Florida Department of Revenue’s Property Tax resources and Save Our Homes details on the Florida Department of Revenue website.
In Miami-Dade, the Property Appraiser administers homestead exemptions and maintains your property’s assessed value and exemptions on record. You can start your application and find your property’s records through the Miami-Dade Property Appraiser.
Who qualifies in Coral Gables
To qualify for the current tax year:
- You own legal title to the property on January 1.
- The home is your permanent, primary residence on January 1.
- You file your homestead application by March 1.
Homes used as investments, rentals, or second homes do not qualify. Ownership held by most corporations or LLCs does not qualify. Certain trusts can qualify. If you own through a trust or are transferring title to a spouse, contact the Miami-Dade Property Appraiser to confirm what documents you need.
How the dollar amounts work
Florida’s homestead exemption is commonly described as up to $50,000 in two parts:
- The first $25,000 applies to all taxing authorities.
- An additional exemption, often described as a second $25,000, applies only to non-school taxes for the portion of assessed value above $50,000.
Because this interacts with assessed value and local tax authorities, review current examples on the Florida Department of Revenue and check local guidance at the Miami-Dade Property Appraiser before you calculate.
Save Our Homes cap
The Save Our Homes (SOH) cap limits the annual increase of a homesteaded property’s assessed value to 3% or the change in CPI, whichever is lower. Over time, this can create a gap between market value and assessed value, which helps long-term owners manage tax growth. You can learn more about SOH on the Florida Department of Revenue’s property tax page.
Portability when you move
If you move from one Florida homestead to another, portability can let you transfer some or all of your SOH benefit to your new homestead. That transfer can reduce the assessed value on your new Coral Gables home. Timing and limits apply. For forms and instructions, visit the Miami-Dade Property Appraiser.
Estimate your tax savings
Use this simple method to estimate savings for a Coral Gables property:
- Find your assessed value. Look up the property on the Miami-Dade Property Appraiser.
- Subtract the homestead exemption(s). Apply the standard exemption rules noted above.
- Get the total millage rate. Use your annual TRIM notice or reach out through the Miami-Dade site to confirm current rates for county, City of Coral Gables, school district, and any special districts.
- Estimate taxes. Multiply the taxable value by the combined millage rate to see the annual tax.
- Compare with and without homestead. The difference shows your estimated savings. Then consider how the SOH cap could limit future assessed value increases.
Example with hypothetical numbers:
- Assessed value: $600,000
- Homestead exemptions: $50,000 total (first $25,000 for all taxes, second $25,000 applies only to non-school taxes)
- New taxable value for non-school taxes: $550,000; for school taxes, $575,000
- Multiply each taxable value by the respective portions of the millage to estimate your bill, then add them together. The difference from the no-exemption scenario is your estimated savings.
Always verify current millage totals using your TRIM notice or the Miami-Dade tools linked on the Property Appraiser’s site.
How and when to apply
- Ownership and occupancy date: You must own and occupy the home as your primary residence on January 1 of the tax year.
- Filing deadline: File by March 1. If March 1 falls on a weekend or holiday, check for any local adjustments on the Miami-Dade Property Appraiser.
- How to file: Miami-Dade accepts online applications, and you can also apply in person or by mail. Start at the Miami-Dade Property Appraiser exemptions page.
Typical documents you may need:
- Proof of ownership, such as a recorded deed or closing statement
- Proof of Florida domicile, such as a Florida driver’s license or Florida ID showing the property address
- Florida voter registration and vehicle registration with the property address, if applicable
- Social Security numbers for owner(s)
- Any additional forms for trusts, transfers between spouses, or portability
Special exemptions you may add
You may qualify for additional exemptions that reduce taxable value further, such as:
- Senior citizen exemptions (income limits may apply)
- Disability exemptions
- Veteran exemptions
- Widow or widower exemptions
Eligibility and documents vary. Review options and file with the Miami-Dade Property Appraiser.
Coral Gables buyer and seller tips
- First-time Florida homestead: Set up Florida domicile evidence early. Update your driver’s license, voter registration, and vehicle registration at your Coral Gables address before January 1 if possible.
- Move-up buyers in Florida: Ask about portability during your home search. Porting your SOH benefit can materially lower your new home’s assessed value.
- Investors and second homes: Expect full taxes without homestead relief. If you convert a rental to your primary home, plan around January 1 and file by March 1.
- Year-end closings: If you can close and record by January 1, it may affect eligibility for that tax year. Coordinate with your closing team and the Miami-Dade Property Appraiser.
For local city services and contacts, check the City of Coral Gables website.
Ready to plan your move or compare Coral Gables tax scenarios? If you want clear guidance as you buy or sell in Miami, reach out to our team at Capdevila Realty. Let’s connect and map out your next steps.
FAQs
Who qualifies for Florida’s homestead exemption in Coral Gables?
- You must own and occupy the home as your permanent residence on January 1 and file by March 1 through the Miami-Dade Property Appraiser.
How does Save Our Homes (SOH) affect taxes in Miami-Dade?
- SOH caps annual assessed value increases for homesteads at 3% or CPI, whichever is lower. Learn more at the Florida Department of Revenue.
What is portability when moving within Florida?
- Portability lets you transfer some or all of your SOH benefit to a new Florida homestead. File the required forms with the Miami-Dade Property Appraiser.
Can I get homestead if I buy a Coral Gables home mid-year?
- Homestead depends on your status on January 1. If you owned and lived in the home on that date, you may qualify for that tax year; otherwise, file for the next year.
Do second homes or rentals in Coral Gables qualify for homestead?
- No. Only your permanent primary residence qualifies for the homestead exemption in Florida.
What documents do I need to apply in Miami-Dade?
- Expect to provide proof of ownership, Florida driver’s license or ID, voter and vehicle registration tied to the address, and Social Security numbers for owner(s).
Where can I confirm current millage rates and exemptions?
- Use your TRIM notice and search your property on the Miami-Dade Property Appraiser. For statewide guidance, see the Florida Department of Revenue.
