You’ve worked hard for your home — and if you’ve owned property in Palmetto Bay or Cutler Bay for a while, you’ve probably seen your property value (and taxes) rise steadily over the years. But here’s the good news: Florida rewards long-time homeowners 65 and better with several tax exemptions that can keep more money in your pocket.
After helping South Florida homeowners for over 15 years, I’ve learned that many people simply don’t realize how much they’re eligible to save — especially right here along Old Cutler Road and near the Deering Estate neighborhoods.
Let’s break down what every local homeowner should know.
💰 1. Take Advantage of the Senior Homestead Exemption
If you’re 65 or older and your household income meets Miami-Dade’s annual threshold, you may qualify for an additional Senior Homestead Exemption on top of your regular homestead benefit. This can reduce your taxable home value by up to $50,000 — which could mean hundreds of dollars in yearly savings.
➡️ Tip: You must apply with the Miami-Dade Property Appraiser’s Office by March 1 each year. If you’ve lived in your home for at least 25 years, you may qualify for an extra-long-term homeowner exemption.
🏠 2. Keep Your Homestead Portability
If you’ve recently downsized or moved within Florida, don’t forget about portability — it lets you transfer up to $500,000 of your Save Our Homes tax cap benefit to your new property.
This is a great way for Cutler Bay residents moving closer to the water or into smaller homes to maintain low taxes.
📄 3. Verify Your Exemptions Annually
Exemptions don’t always renew automatically — especially after refinancing or changing ownership structure. Take five minutes each year to confirm your exemptions online. It’s a simple step that can prevent surprises on your next tax bill.
🌴 4. Ask for a Local Market Review
Even if you’re not planning to sell, it’s smart to check your home’s assessed vs. market value. A local real estate expert (hi, that’s me 👋) can help you understand whether your property is being fairly valued — and point you toward exemptions or appeal opportunities.
📬 Stay Informed & In Control
Staying proactive about your property taxes is one of the easiest ways to preserve your financial freedom — and your peace of mind.
