Overview of Florida Taxes
At a 0.98% average effective property tax rate, property taxes in Florida rank below the national average, which currently stands at 1.08%. Median annual property tax bills in the Sunshine State follow suit, as its $1,752 mark is over $300 cheaper than the U.S. median.
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To calculate the exact amount of property tax you will owe requires your property's assessed value and the property tax rates based on your property's address. Please note that we can only estimate your property tax based on median property taxes in your area. There are typically multiple rates in a given area, because your state, county, local schools and emergency responders each receive funding partly through these taxes. In our calculator, we take your home value and multiply that by your county's effective property tax rate. This is equal to the median property tax paid as a percentage of the median home value in your county.
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Jennifer Mansfield Tax
Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.
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Florida Property Taxes
Property taxes in Florida come in a bit below national averages. The state’s average effective property tax rate is 0.98%, which is slightly lower than the U.S. average (1.08%). The typical homeowner in Florida pays $1,752 annually in property taxes, although that amount varies greatly between counties.
There are some laws that limit the taxes due on owner-occupied homes in Florida. For example, the Save Our Homes assessment limitation caps increases in assessments for property taxes at 3% annually.
Property taxes are just one of the many things to consider when purchasing a home. If you're looking to refinance an old mortgage or get a new one, you’ll want to look at SmartAsset’s Florida mortgage guide for information on current mortgage rates in the Sunshine State and more.
A financial advisor in Florida can help you understand how homeownership fits into your overall financial goals. Financial advisors can also help with investing and financial plans, including taxes, homeownership, retirement and more, to make sure you are preparing for the future.
How Do Florida Property Taxes Work?
The first step in the Florida property tax process is property appraisal, which is the act of placing a value on a piece of real estate. Every county in Florida has a property appraiser, which is an elected official who's responsible for the annual appraisal of every lot in the county. In general, this person does this through a mass appraisal, or a systematic analysis of market data in order to assign values to multiple properties at once.
Property tax rates are applied to the assessed value, not the appraised value, of a home. Assessed value takes into account exemptions, including the Save Our Homes assessment limitation.
The most widely claimed exemption is the homestead exemption, which you can claim on owner-occupied residences to protect the value of the home from property taxes, creditors and challenges that arise from the death of a homeowner spouse. It frees the first $25,000 of the home’s assessed value from all property taxes, and it exempts another $25,000 from non-school property taxes. This can get confusing, so here’s an example:
Let’s say you have a home with an assessed value of $80,000. The first $25,000 would be exempt from all property taxes. The next $25,000 (the assessed value between $25,000 and $50,000) is subject to taxes. Then, the next $25,000 (the assessed value between $50,000 and $75,000) is exempt from all taxes except school district taxes. The remaining $5,000 in assessed value is taxable, though.
The end result is that the homestead exemption reduces assessed value by $25,000 for school taxes and by $50,000 for all other types of property taxes.
Homeowners who receive the homestead exemption also benefit from the Save Our Homes assessment limitation, which caps increases in assessed value at 3% or the rate of inflation, whichever is lower. So even if you own a home in a hot housing market, your taxes won’t skyrocket (unless one of your local government bodies increases rates).
It's a good idea for homeowners to review their annual Truth in Millage (TRIM) notice, which declares their home’s appraised and assessed value. If the appraised value is too high (higher than what you could get for selling your home), you can file an appeal to the county adjustment board. It’s important to act quickly, though, as you have only 25 days to file an appeal.
Florida Property Tax Rates
Property taxes in Florida are implemented in millage rates. A millage rate is one tenth of a percent, which equates to $1 in taxes for every $1,000 in home value. A number of different authorities, including counties, municipalities, school boards and special districts, can levy these taxes.
The table below shows the median property tax payment and average effective tax rate for every county in Florida. The effective tax rate is the median annual tax payment as a percentage of median home value. It can help compare tax burdens between counties and even between states, as it reflects actual payments and incorporates differences in assessments and exemptions.
|County||Median Home Value||Median Annual Property Tax Payment||Average Effective Property Tax Rate|
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Miami-Dade County is the southernmost county in the mainland U.S., and it's home to some of the most beautiful beach-front property in the world. So how are the area’s property taxes? The county has the tenth highest effective property tax rate in the state at 1.04%. That's slightly higher than the 1.08% national average.
Millage rates in Miami-Dade range from under 17 mills to more than 25 mills in Biscayne Park. In the city of Miami, the total millage rate is 21.35. The largest single source of property taxes are school districts. In Miami, for example, the school district tax accounts for about a third of the total millage rate.
If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Miami can help you out.
Broward County sits north of Miami-Dade and contains the cities of Fort Lauderdale and Hollywood, among others. It has the sixth highest average effective property tax rate of any Florida county at 1.12%. Homeowners in Broward County pay a median property tax bill of $2,503 annually.
Palm Beach County
While Palm Beach County contains lots of nice real estate, it has some hefty property taxes. Palm Beach County’s average effective property tax rate is 1.12%, which is higher than most Florida counties. The median real estate tax payment is $2,712, which is the second highest mark in the state behind Monroe County.
Hillsborough County contains the city of Tampa and has a population of more than 1.3 million people. In terms of both annual payments and effective property tax rates, this county is pricier than Florida averages. In fact, there's a $1,836 median annual property tax payment and a 1.02% effective rate, which come in as $84 and 0.04% higher than the statewide numbers, respectively.
Homeowners in Orange County pay a median annual property tax bill of $1,949 annually in property taxes. This is just about in line with the national mark of $2,090. In Orlando, Orange County’s largest city, the millage rate varies from about 18.85 and up to more than 19 mills depending on where in the city you reside.
Pinellas County sits between Old Tampa Bay and the Gulf of Mexico and has property taxes well below both state and national averages. Homeowners in Pinellas County pay a median property tax of $1,566 per year. That’s less than the state average and much less than the national average.
Tax rates in the county are likewise relatively low. The average effective tax rate in Pinellas County is 0.94%. In the largest cities, St. Petersburg and Clearwater, the most recent millage rates are about 23.58 and 20.75, respectively.
The average effective property tax rate in Duval County is 0.97%. This means that the typical Duval County homeowner can expect to pay about 1% of their home value in property taxes each year. So, for example, if your home has a market value of $150,000 (close to the county’s median value) you may be paying about $1,455 annually in real estate taxes.
Lee County is in Southwest Florida along the Gulf Coast. It has an effective property tax rate of 0.97%. The median annual real estate tax payment in Lee County is $1,853.
The median home value in Polk County, which sits between the cities of Tampa and Orlando, is $121,100. The typical Polk County homeowner pays $1,101 in annual real estate taxes. Therefore, the county’s average effective property tax rate is 0.91%.
The tenth most populous county in Florida is Brevard County. Property taxes in Brevard County are somewhat lower than state and national averages. The county’s average effective property tax rate comes in at 0.90%, with a median annual property tax bill of $1,460.
Property Tax: Which Counties are Getting the Best Bang for Their Buck
SmartAsset’s interactive map highlights the places across the country where property tax dollars are being spent most effectively. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck.
Our study aims to find the places in the United States where people are getting the most for their property tax dollars. To do this we looked at school rankings, crime rates and property taxes for every county.
As a way to measure the quality of schools, we analyzed the math and reading/language arts proficiencies for every school district in the country. We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 (with 10 being the best) based on the average scores of the districts in each county.
For each county, we calculated the violent and property crimes per 100,000 residents.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per 100,000 residents.
We used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest.
Sources: US Census Bureau 2017 American Community Survey, Department of Education, Federal Bureau of Investigation, State Police or Justice Department websites