Florida property tax: homestead exemption, caps and Miami rates

How assessed value is set

The county property appraiser values every home at its just value as of January 1 (Fla. Stat. § 192.042). Taxing bodies then levy rates in mills: one mill is $1 per $1,000 of taxable value. The formula for each body is:

(assessed value − exemptions) × millage ÷ 1,000

Your bill adds up the county, the city, the school board and special districts. School and non-school taxable values can differ, because some exemptions and caps skip school taxes.

Homestead exemption: amount and eligibility

You qualify if, on January 1, you hold legal or beneficial title and make the home your permanent residence (§ 196.031(1)(a)). The exemption has two layers (Constitution, Art. VII, § 6(a)):

The second layer has been indexed to inflation since the 2025 tax year. It rises by the prior year’s consumer price index when that change is positive: 2.9% for 2025 and 2.7% for 2026, according to the Department of Revenue. The Miami-Dade Property Appraiser shows the same $50,722 total for 2025.

Deadline: file with the property appraiser on or before March 1 (§ 196.011(1)(a)). Missing it waives the exemption for that year; the Miami-Dade Property Appraiser accepts late applications up to the deadline printed on your TRIM notice. If you buy in 2026, you apply by March 1, 2027.

Caps on assessment increases

Save Our Homes. After the first year at just value, a homestead’s assessed value may rise each January 1 by no more than the lower of 3% or the CPI change (Art. VII, § 4(d)(1); § 193.155). The CPI figure the Department uses for 2026 is 2.7%, below the 3% ceiling. Example: a homestead assessed at $400,000 in 2025 can be assessed at no more than $410,800 in 2026, even if its market value jumped.

Change of ownership resets the value. After a sale, the home is assessed at just value the next January 1 (Art. VII, § 4(d)(3)). The Department’s PT-112 guide lists exceptions, such as a transfer between spouses. Buyers should not budget from the seller’s tax bill.

Portability. If you move from one Florida homestead to another, you can carry the Save Our Homes benefit, up to $500,000, if you establish the new homestead within three years of January 1 of the year you left the old one (§ 193.155(8); PT-112). You file Form DR-501T with the homestead application by March 1. Example: an old home with a just value of $500,000 and an assessed value of $300,000 has a $200,000 benefit. A new home worth $600,000 would start at an assessed value of $400,000.

Non-homestead property. Other residential and commercial property is capped at 10% a year for non-school taxes (Art. VII, § 4(g) and (h); § 193.1555). There is no cap for school taxes.

What is on the November 3, 2026 ballot?

The Legislature placed a constitutional amendment, CS/HJR 1F, on the November 2026 ballot. As enrolled, it would exempt $150,000 from non-school taxes from January 1, 2027 and $250,000 from January 1, 2028. It would lower the non-homestead cap from 10% to 5% from 2027. People who establish Florida residency after January 1, 2027 would wait five years for the larger exemption. A constitutional amendment needs 60% of the votes cast on it (Art. XI, § 5(e)). Until then, the figures above are the law.

Effective rates in Miami: a $600,000 home with homestead

This example uses the 2025 adopted millage for tax district 0100 (City of Miami) from the Miami-Dade Property Appraiser, the latest adopted chart published as of October 2026. The total is 19.9878 mills. The home has a $600,000 assessed value, and the owner gets the 2025 homestead exemption: school taxable value $575,000, non-school taxable value $549,278.

Without the exemption, the same home would owe $11,992.68, so homestead saves $843.20 here. Paid in November with the 4% discount, the bill falls to about $10,703.50. The Property Appraiser’s August 24, 2026 comparison shows the 2026 proposed City of Miami rate unchanged at 7.1080 and the county debt service rate lower, at 0.3937. Non-ad valorem assessments, such as fees for services, appear separately on the TRIM notice (§ 200.069).

For local market figures, see the Miami guide and home prices in Florida.

How to appeal an assessment

Each August, the property appraiser mails the TRIM notice (Truth in Millage), which shows your value, exemptions and proposed taxes (§ 200.069; Miami-Dade Property Appraiser). You can ask the appraiser for an informal conference (§ 194.011(2)). To appeal formally, file a petition with the Value Adjustment Board within 25 days after the TRIM notice is mailed (§ 194.011(3)(d)).

Deadlines

Most lenders collect the tax monthly through an escrow account. The prorated tax at closing is covered in closing costs in Florida.