Homestead Exemption vs Non-Homestead Cap in Miami-Dade County

Is the Homestead Exemption better or the Non-Homestead Cap? What if you miss the window to apply for the Homestead Exemption? Should you still apply the following year or just wait to automatically get the Non-Homestead Cap? Overview by Chris at Hauseit® (https://www.hauseit.com).

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In this real world example, we take a look at a customer's Miami condo purchased in January 2022. Because he purchased the property later in January, technically he would not be eligible for the Homestead Exemption for 2022 because the property needs to be your primary residence on January 1st of the applicable tax year.

However, the customer could have applied for the Homestead Exemption for the 2023 tax year. You do need to do this online before the March 1st deadline however. If you forget, then it's important to apply online and provide an extenuating circumstance for why you were not able to apply on time.

If you were late, and are able to apply anyway with an extenuating circumstance, then great. The Homestead Exemption and the Save Our Homes Cap is better than the Non-Homestead Cap (3% is better than 10%).

If you are not able to however, the calculus becomes much trickier, and depends a lot on your view of where property values will go.

We explore this mystery and explain further in the following video.
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Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: [email protected]
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