Florida Property Tax Calculator 2023: In Florida, there are various rules that restrict the taxes that must be paid on owner-occupied properties. The Preserve Our Homes assessment limitation, for instance, sets a 3% yearly cap on increases in assessments for property taxes. The Sunshine State follows suit with median yearly property tax bills of $2,338—over $400 less than the national median. Florida property tax is lower than the average for the US, which is currently 0.99%, with an average effective property tax rate of 0.80%.
Florida has slightly lower property taxes than the rest of the country. Statewide, the average effective property tax rate is 0.80%, which is lower than the 0.99% national average. Although the amount varies widely between counties, the median Florida homeowner pays $2,338 in property taxes each year.
Florida Property Tax Calculator 2023
Property taxes are one of the many things to think about when purchasing a home. If you’re looking to refinance an existing mortgage or apply for a new one, look at Smart Asset’s Florida mortgage guide for information on current mortgage rates in the state of Florida and more.
You can better comprehend how homeownership fits into your larger financial objectives with the aid of a financial counselor. You can connect with up to three approved financial advisors in your area via the free service provided by a number of resources. To determine which advisor matches are best for you, you can do a free interview with each of them. Get going right away if you’re prepared to hire a financial advisor who can assist you in reaching your objectives.
How Does Florida Property Tax Work?
The act of assigning a value to a piece of real estate is called property appraisal, and it is the first stage in the Florida property tax procedure. An elected individual who is in charge of conducting an annual appraisal of each lot in each county in Florida is known as a property appraiser. Often, to value many properties simultaneously, this expert does a mass appraisal, which is a methodical review of market data. Property tax rates are based on the assessed value of a home rather than the appraised value. Assessed value accounts for exemptions, such as the Save Our Homes assessment cap.
The most frequently used exemption is the homestead exemption, which you can utilize to shield the value of your owner-occupied home from creditors, property taxes, and problems that may occur after the passing of a homeowner spouse. It exempts another $25,000 from non-school property taxes and the first $25,000 of the home’s assessed value from all property taxes. Here is an illustration because this can be perplexing:
Consider that your house has an assessed value of $80,000. Property taxes on the first $25,000 would not apply. The assessed value between $25,000 and $50,000 is the following $25,000 that is taxed. The following $25,000 is thereafter exempt from all taxes with the exception of school district taxes (the assessed value between $50,000 and $75,000). Nonetheless, the assessed value of the remaining $5,000 is taxed.
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The total result of the homestead exemption is a reduction in assessed value of $25,000 for school taxes and $50,000 for all other types of property taxes. Homeowners who are eligible for the homestead exemption benefit from the Protect Our Homes assessment limitation, which limits assessed value increases to 3% or the rate of inflation, whichever is lower. Hence, even if you purchase a property in a strong housing market, your taxes won’t significantly increase (unless one of your local government bodies increases rates).
Homeowners should carefully read their annual Truth in Millage (TRIM) notification, which states the worth of their home as determined by appraisal and assessment. If the appraised value is too high, you can file an appeal with the county adjustment board (greater than what you could earn for selling your home). It’s imperative to act quickly because you only have 25 days to file an appeal.
Florida Property Tax Rates
Florida uses millage rates to implement property taxes. A millage rate is 1/10 of a percentage or $1 in taxes for every $1,000 of a home’s assessed value. These taxes may be imposed by a variety of institutions, such as counties, municipalities, school boards, and special districts.
The average effective tax rate and median property tax payment for each county in Florida are shown in the table below. The median yearly tax payment is divided by the median dwelling value to determine the effective tax rate. Due to the fact that it takes into account actual payments as well as variations in assessments and exemptions, it can be used to compare tax burdens between counties and even between states.
| County | Median Home Value | Property Tax Payment | Average Tax Rate |
|---|---|---|---|
| Alachua County | $201,600 | $2,599 | 1.29% |
| Baker County | $158,000 | $1,079 | 0.68% |
| Bay County | $195,000 | $1,199 | 0.69% |
| Bradford County | $118,900 | $862 | 0.72% |
| Brevard County | $220,000 | $2013 | 0.92% |
| Broward County | $282,400 | $3,375 | 1.20% |
| Calhoun County | $91,100 | $584 | 0.64% |
| Charlotte County | $209,500 | $2,449 | 1.17% |
| Citrus County | $144,100 | $1,253 | 0.87% |
| Clay County | $195,900 | $2,016 | 1.03% |
| Collier County | $366,600 | $3,036 | 0.83% |
| Columbia County | $128,800 | $1,361 | 1.06% |
| DeSoto County | $103,600 | $1,123 | 1.08% |
| Dixie County | $85,000 | $543 | 0.64% |
| Duval County | $195,600 | $1,900 | 0.97% |
| Escambia County | $157,200 | $1,295 | 0.82% |
| Flagler County | $232,700 | $2,285 | 0.98% |
| Franklin County | $193,800 | $1,261 | 0.65% |
| Gadsden County | $98,100 | $814 | 0.83% |
| Gilchrist County | $125,900 | $964 | 0.77% |
| Glades County | $72,100 | $816 | 1.13% |
| Gulf County | $170,700 | $1,112 | 0.65% |
| Hamilton County | $85,900 | $655 | 0.76% |
| Hardee County | $94,100 | $1,061 | 1.13% |
| Hendry County | $105,900 | $1,106 | 1.04% |
| Hernando County | $158,400 | $1,569 | 0.99% |
| Highlands County | $120,500 | $1,153 | 0.96% |
| Hillsborough County | $233,200 | $2,677 | 1.15% |
| Holmes County | $86,400 | $521 | 0.60% |
| Indian River County | $220,700 | $1,972 | 0.89% |
| Jackson County | $101,300 | $651 | 0.64% |
| Jefferson County | $137,300 | $1,081 | 0.79% |
| Lafayette County | $100,600 | $754 | 0.75% |
| Lake County | $202,500 | $1,985 | 0.98% |
| Lee County | $235,300 | $2,432 | 1.03% |
| Leon County | $212,900 | $1,976 | 0.93% |
| Levy County | $119,000 | $842 | 0.71% |
| Liberty County | $83,700 | $826 | 0.99% |
| Madison County | $89,100 | $890 | 1.00% |
| Manatee County | $250,700 | $2,575 | 1.03% |
| Marion County | $151,700 | $1,565 | 1.03% |
| Martin County | $293,000 | $2,878 | 0.98% |
| Miami-Dade County | $310,700 | $3,131 | 1.01% |
| Monroe County | $558,100 | $3,715 | 0.67% |
| Nassau County | $243,700 | $2,492 | 1.02% |
| Okaloosa County | $234,600 | $1,662 | 0.71% |
| Okeechobee County | $116,500 | $1,103 | 0.95% |
| Orange County | $257,800 | $2,621 | 1.02% |
| Osceola County | $221,600 | $2,349 | 1.06% |
| Palm Beach County | $301,000 | $3,344 | 1.11% |
| Pasco County | $173,900 | $1,742 | 1.00% |
| Pinellas County | $219,800 | $2,107 | 0.96% |
| Polk County | $162,400 | $1,578 | 0.97% |
| Putnam County | $103,400 | $988 | 0.96% |
| St. Johns County | $326,300 | $3,240 | 0.99% |
| St. Lucie County | $209,700 | $2,747 | 1.31% |
| Santa Rosa County | $214,900 | $1,642 | 0.76% |
| Sarasota County | $269,300 | $2,635 | 0.98% |
| Seminole County | $263,700 | $2,284 | 0.87% |
| Sumter County | $267,100 | $2,792 | 1.05% |
| Suwannee County | $107,100 | $924 | 0.86% |
| Taylor County | $81,900 | $596 | 0.73% |
| Union County | $112,600 | $825 | 0.73% |
| Volusia County | $194,900 | $1,787 | 0.92% |
| Wakulla County | $171,200 | $1,328 | 0.78% |
| Walton County | $245,400 | $1,464 | 0.60% |
| Washington County | $120,800 | $680 | 0.56% |
Miami-Dade County
Miami-Dade County, the southernmost county in the continental United States, is where some of the most exquisite beachfront real estates can be found. How are the local property taxes now? A 1.01 percent effective property tax rate applies to the county. That is just over the 0.99%% national average.
A Miami-based financial advisor can assist you if you have any concerns about how property taxes can impact your overall financial planning.
Broward County
North of Miami-Dade, in the county of Broward, lie the cities of Fort Lauderdale and Hollywood. Its average effective property tax rate of 1.20% is one of the highest in all of Florida. In Broward County, the typical annual property tax bill for homeowners is $3,375.
Palm Beach County
Although Palm Beach County has a lot of lovely real estate, its property taxes are somewhat high. In comparison to most Florida counties, Palm Beach County has an average effective property tax rate that is higher at 1.11%. The median real estate tax payment, which is also among the highest, is $3,344.
Hillsborough County
Tampa is located in Hillsborough County, which is home to around 1.4 million people. This county is more expensive compared to averages for Florida in terms of annual payments and effective property tax rates. In actuality, there are 1.15% average effective rates and a typical yearly property tax payment of $2,677, the latter of which is greater than the state average.
Orange County
The median amount of property taxes paid by homeowners in Orange County is $2,621 per year. The millage rate varies based on where you live in Orlando, the largest city in Orange County, from roughly 18.5 to more than 19.7 mills.
Pinellas County
Pinellas County’s property taxes are considerably less than the state’s and the country’s norms. It is about halfway between the Gulf of Mexico and Old Tampa Bay. In Pinellas County, the average yearly property tax paid by homeowners is $2,107. That is much below the national average and below the state average. The county has fairly low tax rates as well. In Pinellas County, the effective tax rate is generally 0.96%.
Duval County
In Duval County, the effective property tax rate is about 0.97%. This indicates that the typical Duval County homeowner may anticipate paying property taxes equal to around 1% of their home’s annual value. Hence, you might be paying roughly $1,410 in real estate taxes a year if your home’s market worth is $150,000 (or near the county’s median value).
Lee County
Southwest Florida, on the Gulf Coast, is where Lee County is located. The accurate property tax rate is 1,03 percent. Lee County’s median annual real estate tax payment is $2,432.
Polk County
Between the cities of Tampa and Orlando, in Polk County, the median price of a property is $162,400. Every year, the typical Polk County homeowner must pay $1,578 in property taxes. Thus, the average effective property tax rate for the county is 0.97%.
Brevard County
Brevard County’s property taxes are somewhat less than the state and federal averages. The median yearly property tax bill in the county is $2013 and the average effective property tax rate is 0.92%.
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