To transfer residency when buying a home in Miami, establish primary residence status by designating the property as your primary address within six months of purchase. Update legal documents such as voter registration, driver’s license, and tax filings to reflect Florida residency. Utilize homestead exemptions to reduce property taxes and consult a tax professional to ensure compliance with state and federal laws.

Florida law requires residents to maintain a primary residence for at least six months annually to qualify for homestead exemptions, which reduce taxable assessed value by up to $50,000. This exemption lowers property taxes significantly; Miami-Dade County’s average effective tax rate is 1.24%, saving homeowners an average of $3,800 annually (Florida Department of Revenue, 2023). Incorrect residency status can result in penalties, such as noncompliance with state income tax obligations in non-FL jurisdictions. Additionally, over 30% of international buyers purchasing Miami real estate in 2022 cited tax advantages as a key factor, highlighting the importance of proper residency transfer (National Association of Realtors, 2023). Properly transferring residency ensures eligibility for tax benefits, avoids double taxation, and aligns with legal requirements, making it critical for long-term financial savings and compliance.