What this calculator does
Florida's homestead protections have two parts: exemptions that take value off the tax roll, and the Save Our Homes cap that limits how fast the assessed value of a homestead can grow. This calculator projects both for a Miami-Dade home. Miami-Dade property tax is figured in mills (dollars per $1,000 of value), with a combined City of Miami rate near 20 mills in 2025. Homestead exempts $25,000 from all levies and an additional amount (about $26,411 in 2026) from non-school levies, and Save Our Homes limits yearly increases in assessed value to 3% or inflation, 2.7% for 2026.
How to use it
- Enter the current just value.
- Enter the market growth you expect.
- Keep 2.7% for the 2026 cap or enter your own CPI assumption.
- Choose how many years to project.
The formula
Each year: homestead tax = school levies on (assessed − $25,000) + other levies on (assessed − $25,000 − the second exemption on value above $50,000, up to $26,411 in 2026), where assessed value grows by the lower of 3% or CPI. Savings = tax on market value without homestead − tax with homestead.
Worked example
Using the default inputs shown in the calculator above:
| Year | Tax saved |
|---|---|
| Year 1 — market $600,000, capped $600,000 | $880 |
| Year 5 — market $729,304, capped $667,472 | $2,116 |
| Year 10 — market $930,797, capped $762,580 | $4,242 |
| Total saved over 10 years | $24,041 |
Estimated homestead + Save Our Homes savings: $24,041. Over 10 years · first-year saving $880.
The saving has two parts: the exemptions (up to $50,000-plus off the assessed value) and the Save Our Homes cap, which lets the assessed value rise only 2.7% a year while the market grows 5%. The gap between market and capped value widens every year, so the cap usually ends up worth more than the exemption itself. Sale of the home resets the assessed value to market.
How Save Our Homes builds up
When market values rise faster than the cap, the gap between market and assessed value — the 'Save Our Homes benefit' — grows every year. You can move up to $500,000 of that benefit to a new Florida homestead (portability) if you apply within three years. Selling or losing homestead status resets the assessed value to market.
Common mistakes and tips
- Missing the March 1 filing deadline.
- Renting out the home, which can cost the homestead.
- Forgetting portability when buying a new home in Florida.
- Assuming the cap applies to non-homestead property — those are capped at 10% for non-school levies.
Frequently asked questions
How much is the homestead exemption in Miami-Dade?
$25,000 off all levies plus an additional exemption on assessed value above $50,000 (up to $26,411 in 2026) for non-school levies.
What is the Save Our Homes cap for 2026?
2.7% — the lower of 3% or the change in CPI.
What is portability?
Moving your accumulated Save Our Homes benefit (up to $500,000) to a new Florida homestead.
When do I apply?
By March 1 with the Miami-Dade Property Appraiser; you must own and live in the home on January 1.
Sources
Disclaimer
This calculator provides estimates for educational purposes only and is not financial, tax, legal, real estate, or insurance advice. Consult a licensed professional before making decisions.