Florida Property Tax: A Guide for Miami-Dade Condo Owners

Aerial view of Coral Gables and Miami-Dade toward Biscayne Bay

Florida has no state income tax, but it does have property tax, and for most condo owners in Miami-Dade it is one of the largest yearly costs after the mortgage and HOA dues. The short version: each January 1 the Property Appraiser sets your condo's value, exemptions and caps reduce that value, and local taxing authorities apply their millage rates to what is left. Owners who live in the unit as their permanent Florida residence can claim the homestead exemption and the Save Our Homes cap. Investors, second-home owners and non-residents cannot, and they pay on a higher taxable value.

This guide explains how the system works, what the yearly calendar looks like in Miami-Dade, what is actually changing (and what is only proposed), and how to estimate taxes before you buy. Information checked on 21 September 2026.

How Florida property tax works

The Florida Department of Revenue describes the calculation in three steps:

Just value is the market value of the property as of January 1, set by the county Property Appraiser.
Assessed value is just value minus any assessment limitation (such as the Save Our Homes cap or the 10% non-homestead cap).
Taxable value is assessed value minus exemptions. Taxable value is multiplied by the millage rate to get the tax.

Millage is the tax rate. One mill equals $1 of tax for every $1,000 of taxable value, or 0.001. Each taxing authority (county, city, school board, and special districts) sets its own millage in public hearings under Florida's Truth in Millage (TRIM) process. The Property Appraiser values the property but does not set rates or collect taxes; the Tax Collector sends the bills and collects payment.

Illustrative example, round numbers only: a condo with a taxable value of $400,000 and a combined rate of 20 mills would owe $400,000 x 0.020 = $8,000 in ad valorem tax. That rate is invented for the math. Actual Miami-Dade rates vary by city and taxing district, change every year, and should be looked up on your TRIM notice or the Property Appraiser's estimator. Bills can also include non-ad valorem assessments, such as solid waste or special district charges, which are not based on value.

Homestead exemption and Save Our Homes

If you own a condo and it is your permanent residence, the homestead exemption can reduce its taxable value by as much as $50,000. According to the Department of Revenue and the Miami-Dade Property Appraiser:

The first $25,000 applies to all taxing authorities, including school taxes.
A second exemption applies to assessed value above $50,000 and excludes school taxes. The Miami-Dade Property Appraiser notes that, as of 2025, this second amount is adjusted annually for inflation.
You must hold title and make the property your permanent residence as of January 1 of the tax year.
The filing deadline is March 1. The exemption is not automatic, and it does not transfer from the seller to you.
Miami-Dade asks for proof of residency, such as a Florida driver's license or ID, and for applicants who are not U.S. citizens, proof of permanent residency status.

Save Our Homes. After the first year a home receives the exemption, its assessed value cannot rise more than 3% per year or the change in the Consumer Price Index, whichever is lower. Over time, the gap between market value and assessed value can become large. That gap is the "Save Our Homes benefit."

Portability. If you move from one Florida homestead to another, you may be able to transfer that benefit, up to $500,000, as long as you establish the new homestead within three assessment years of January 1 of the year you gave up the old one. You file Form DR-501T with your homestead application.

Owners should also report status changes. Miami-Dade warns that improperly claimed homesteads can be back-taxed for up to 10 years, with interest and a penalty.

Non-homestead and investor condos

If the condo is a rental, a second home, or owned by someone whose permanent residence is outside Florida, there is no homestead exemption and no Save Our Homes cap. This is the case for most international buyers. For more on what non-residents can and cannot do, see our guide to buying in Miami without being a resident.

Non-homestead property still has a limit. Under current law, its assessed value cannot rise more than 10% per year. Two details matter:

The 10% cap applies to non-school levies. School taxes are based on full just value.
When the property changes ownership or control, it is reassessed at just value as of the next January 1 (section 193.1554, Florida Statutes). The new owner starts over at market value.

The yearly calendar in Miami-Dade

January 1: Value, ownership and homestead status are fixed for the tax year.
March 1: Deadline to file for homestead and other exemptions.
August: The Property Appraiser mails the Notice of Proposed Property Taxes (TRIM notice) by August 24. It shows your value, exemptions, proposed taxes and the dates of budget hearings. It says "This is not a bill," but it is a good preview of your November bill.
About 25 days after the TRIM notice: Deadline to petition the Value Adjustment Board (VAB) if you disagree with your assessment. Miami-Dade suggests contacting the Property Appraiser's office first, since many issues are resolved without a formal appeal.
November 1: Taxes are due and payable, and bills go out.
Early payment discounts: 4% if paid in November, 3% in December, 2% in January, 1% in February, and no discount in March (section 197.162, Florida Statutes).
April 1: Unpaid taxes become delinquent, and interest and fees are added.

What changed recently, and what is only proposed

In effect now: the second $25,000 homestead exemption (the non-school portion) is adjusted annually for inflation, starting in 2025, according to the Miami-Dade Property Appraiser.

On the ballot, not law: in June 2026 the Florida Legislature passed CS/HJR 1F, a proposed constitutional amendment that will appear as Amendment 3 on the November 3, 2026 ballot. It needs at least 60% of the vote to pass. If approved, the enrolled text would:

Raise the homestead exemption for non-school levies to $150,000 starting January 1, 2027, and $250,000 starting January 1, 2028, with inflation adjustments afterward. The school portion stays at $25,000.
Give people who were not Florida residents as of December 31, 2026 a $50,000 non-school exemption at first, rising to the full amount starting in their fifth year of exemption.
Lower the annual assessment cap on non-homestead property, including residential property of nine units or fewer and non-residential property, from 10% to 5% starting January 1, 2027.
Limit what counties and cities can spend property tax revenue on, and require the Legislature to set a procedure for local governments to increase the exemption, up to full elimination.

In August 2026 a Leon County circuit judge found the original ballot title and summary misleading and ordered them rewritten. The amendment remains on the ballot. Until voters decide and the results are certified, the current rules described above are the law. We will update this guide after the election.

How to estimate taxes before buying a condo

The most common mistake buyers make is using the seller's tax bill as their own. The seller may have a homestead exemption and years of Save Our Homes or 10% cap savings. Both go away when the property is sold. The Property Appraiser's own tax estimator warns that the sale can lead to a significant increase in taxes. Before you make an offer:

Look up the unit on the Miami-Dade Property Appraiser site and compare just value with assessed value. A large gap means the next bill may be much higher.
Check whether the seller has a homestead exemption. If you close after January 1, the current year's bill may still reflect it, and the increase shows up the following year.
Run the Property Appraiser's tax estimator using your expected purchase price, and choose homestead or non-homestead according to your plans.
Confirm the city or taxing district. Rates differ between the City of Miami, Miami Beach, unincorporated areas and others.
Add non-ad valorem assessments shown on the current bill.
If you will live there full-time, make it your permanent residence by January 1 and file for homestead by March 1 of that same year.
Budget taxes alongside HOA dues and insurance when comparing buildings. Our Brickell condo buyer's guide covers 14 towers side by side.

How we help

We pull the Property Appraiser record for every unit we show, flag large gaps between just and assessed value, and run a tax estimate at your offer price, homestead or not, so the monthly cost you plan for is realistic. If you own a condo and want to know what it would sell for, start with a free home valuation. For tax filing and planning, we will point you to a qualified tax professional.

Floralba Núñez has more than 20 years of experience in U.S. real estate and works in English and Spanish. Contact Floralba to review taxes on a specific building or unit before you commit.

Sources

This article is general information, not tax or legal advice. Tax rules and rates change every year; confirm figures with the Miami-Dade Property Appraiser and a qualified tax professional. Floralba Núñez, Broker Associate · Finca Raiz International Realty Corp. Equal Housing Opportunity.