The savings compound over time based on market appreciation. For a luxury condo purchased in 2015 for $3 million that is now worth $8 million: without SOH, taxes are assessed on $8 million; with SOH (assuming 3% maximum annual cap), assessed value would be approximately $4 million — a difference of approximately $74,000 annually at Miami-Dade's effective 1.85% rate. Over 15 years, the total savings can exceed $500,000 for a property with strong appreciation.
The Save Our Homes savings on a South Florida luxury condo compound over time based on market appreciation.
For a luxury condo purchased in 2015 for $3 million that is now worth $8 million: without SOH, taxes are assessed on $8 million; with SOH (assuming 3% maximum annual cap), assessed value would be approximately $4 million — a difference of approximately $74,000 annually at Miami-Dade's effective 1.85% rate.
Over 15 years, the total savings can exceed $500,000 for a property with strong appreciation — and can approach or exceed $1 million on properties with the strongest market performance.