The typical homesteaded property in Coral Gables is now worth $2.15 million on the open market, but longtime owners are taxed on less than half that amount.
The Miami-Dade Property Appraiser's preliminary 2026 report, dated July 1, shows Coral Gables' 10,844 homesteaded parcels carry an average market value of $2,152,678. That's the highest figure among county municipalities with at least 5,000 homesteaded properties, according to the Coral Gables Gazette, which first reported the data.
Miami Beach ranks second at $1,756,536 across 14,080 parcels. Palmetto Bay follows at $927,859.
Pinecrest neighbors aren't far behind. The village's 4,495 homesteaded parcels average $2,171,874, roughly $19,000 above Coral Gables, but Pinecrest falls below the 5,000-parcel threshold used to compare larger municipalities.
Save Our Homes Widens the Gap Between Value and Taxes
The report's most striking finding for local homeowners is the chasm between what their homes are worth and what they're taxed on.
In Coral Gables, the median homestead carries a market value of $1,486,179 but a taxable value of just $615,658. That taxable figure is about 41% of market value, a ratio nearly identical to the countywide median. The gap exists because Florida's Save Our Homes benefit caps annual increases in assessed value at 3% or the Consumer Price Index, whichever is lower. Over years of ownership, assessed values fall further and further behind rising market prices.
Those figures are separate medians across thousands of properties, not a guarantee that any individual owner is taxed at exactly 41% of market value.
Homeowners who sell and buy elsewhere in Florida can transfer up to $500,000 of their accumulated assessment savings to a new homestead through portability.
Flat Millage Rate Won't Necessarily Mean Flat Tax Bills
High market values don't automatically mean proportionately higher tax bills. The Coral Gables City Commission proposed an operating millage rate of 5.559 mills for fiscal year 2026-27 at its July 8 meeting, unchanged from the prior year. But because assessed values creep upward under Save Our Homes, even a flat millage rate can produce a slightly larger bill each year.
In fiscal year 2025-26, Coral Gables levied $145.1 million in property taxes, with homestead residential properties accounting for 42.6% of that total, according to the Biscayne Times.
TRIM Notices Coming by Aug. 24; Appeal Deadline Set for Sept. 18
Property Appraiser Tomás Regalado's office will mail Truth in Millage notices to all Miami-Dade property owners by Aug. 24. Those notices show each property's assessed value, exemptions and proposed taxes.
Owners who believe their assessment is wrong or that an exemption is missing can file a petition with the Value Adjustment Board by Sept. 18. Miami-Dade Clerk Juan Fernandez-Barquin urged property owners in a July 30 statement to review their notices carefully, noting the process can reduce tax bills. Free community meetings on the appeal process are scheduled countywide; details are available at miamidadeclerk.gov/clerk/value-adjustment-board.page or by calling 305-375-5641.
Community calendar:
- Aug. 15-16: Fairchild Tropical Botanic Garden Tropical Garden Weekend, 10901 Old Cutler Road. Kids 17 and under receive free garden admission through Sept. 30.
- By Aug. 24: TRIM notices mailed to all Miami-Dade property owners.
- Sept. 18: Deadline to file a Value Adjustment Board petition for the 2026 tax roll.
