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13 JAN

Guide to Florida Real Estate Taxes

By Hollie

A Guide to Florida Real Estate Taxes

Approved by Jeff Lichtenstein – Broker and Owner of Echo Fine Properties

Florida’s overall tax burden is consistently among the lowest in the nation, and the state offers exemptions to the Florida real estate sales tax that can help to drastically reduce your tax bill if you qualify. The median property tax in Florida is $1,773.00 per year for a home worth the median value of $182,400.00.

Closing-Costs

Florida Real Estate Tax Calculator

You can often use a tax calculator to get an estimate of the property taxes you’ll need to expect.

Florida Real Estate Tax Rates

The state of Florida doesn’t use any of the money collected from property taxes – this all goes to local governments. Hence, the taxes are collected on a county level – and each county has it’s own way of assessing and also collecting the property tax. All the property taxes are based around the market value of the property, as assessed by a local appraiser at the start of every year. The “Save Our Homes” cap specifies that increases in value are limited to 3% of the last year’s assessment, or the Consumer Price Index in Florida – whichever is less.

Median Florida Real Estate Taxes By County

Alachua County
$1,984
Baker County
$867
Bay County
$1,075
Bradford County
$835
Brevard County
$1,618
Broward County
$2,664
Calhoun County
$725
Charlotte County
$1,780
Citrus County
$1,021
Clay County
$1,569
Collier County
$2,399
Columbia County
$1,147
DeSoto County
$966
Dixie County
$503
Duval County
$1,500
Escambia County
$1,135
Flagler County
$1,702
Franklin County
$726
Gadsden County
$779
Gilchrist County
$867
Glades County
$970
Gulf County
$898
Hamilton County
$668
Hardee County
$836
Hendry County
$1,133
Hernando County
$1,432
Highlands County
$938
Hillsborough County
$2,168
Holmes County
$555
Indian River County
$1,789
Jackson County
$630
Jefferson County
$978
Lafayette County
$938
Lake County
$1,757
Lee County
$2,197
Leon County
$1,743
Levy County
$735
Liberty County
$695
Madison County
$736
Manatee County
$1,973
Marion County
$1,299
Martin County
$2,315
Miami-Dade County
$2,756
Monroe County
$2,673
Nassau County
$1,572
Okaloosa County
$1,322
Okeechobee County
$1,112
Orange County
$2,152
Osceola County
$1,887
Palm Beach County
$2,679
Pasco County
$1,363
Pinellas County
$1,699
Polk County
$1,274
Putnam County
$813
Santa Rosa County
$1,314
Sarasota County
$2,095
Seminole County
$1,945
St. Johns County
$2,702
St. Lucie County
$2,198
Sumter County
$1,517
Suwannee County
$753
Taylor County
$774
Union County
$785
Volusia County
$1,713
Wakulla County
$996
Walton County
$831
Washington County
$687

Proceeds from the Florida property taxes are usually used by local governments to fund public services such as school districts, infrastructure, public transport, and other government projects. The income from the property taxes does not go to the federal or state budget. The property tax is applied directly on the property, rather than the individual. Unpaid taxes can result in a “Property Tax Lien” which is attached to the property’s title, and is the responsibility of the current owner of the property.

Florida Real Estate Tax Exemptions

There are several exemptions in play in Florida, that can help reduce your tax bill if you qualify. Florida may actually offer the best homestead exemption in the country – if a property is your primary “homestead” residence you’ll receive an exemption for the first $50,000 of your home’s value (or $25,000 for school districts). In most counties you must submit a homestead exemption application to your county tax assessor to access this tax reduction.  As mentioned above, the “Save Our Homes” cap also protects homeowners from drastic tax increases – which is particularly important if you want to stay in your home for many years. You can also usually deduct 100% of your Florida property taxes from your taxable income on your Federal Income Tax Return. There are also other exemptions for seniors, low-income families, veterans, and some property types such as farmland or open space.

Palm Beach Real Estate Tax Rates

Palm Beach County has one of the highest median property tax rates in Florida, and indeed in the United States. At $2,679 per year for a home worth $261,900, Palm Beach County is ranked 232nd of the 3143 counties in the United States. Residents of Palm Beach County pay about 4.32% of their yearly income on their property taxes. This is around 1.02% of the median home value in this area.

Popular Palm Beach County cities that attract the most permanent and seasonal residents include Jupiter, Palm Beach Gardens, West Palm Beach, Juno Beach, Lake Worth, Boynton Beach, Delray Beach, and Boca Raton. Further inland you’ll find other popular destinations such as Loxahatchee, Royal Palm Beach, and Wellington.

Miami-Dade Real Estate Tax Rates

Miami-Dade County collects the highest property tax in Florida, with an average of $2,756 being collected yearly in property taxes for a home worth $269,600. This is around 1.03% of the median home value. Miami-Dade is ranked 210th of the 3143 counties in order of median property taxes. Residents of Miami-Dade county pay roughly 4.67% of their yearly income n their property taxes.

The most popular Miami-Date cities for both permanent and season residents include Miami, Miami Beach, Doral, Coral Gables, Brickell, Key Biscayne, Aventura, and Pinecrest.

Martin County Tax Rates

The median property tax in Martin County is $2,315 for a home worth $254,900. On average, Martin County collects 0.91% of a property’s market value, and residents pay roughly 3.84% of their yearly income on their property taxes. With Martin County being located so close to Palm Beach County, it means that properties here are a very popular choice for people looking to save some money on these property taxes.

Martin County has a number of popular towns and cities such as Tequesta (which actually borders Palm Beach County), Jupiter Island, Hobe Sound, Palm City, Jensen Beach, and Port Salerno.

St. Lucie County Tax Rates

The median property tax in Martin County is $2,198 for a home worth $177,200. On average, St. Lucie County collects 1,24% of a property’s market value, and residents pay roughly 4.39% of their yearly income on their property taxes. This is slightly higher in all regards to Palm Beach County – and the county is ranked 148th for property taxes as a percentage of median income.

Located above Martin County, St. Lucie County has a number of popular towns and cities such as Port St. Lucie, Hutchinson Island, and Fort Pierce.

We hope you have found this explanation of Florida Real Estate taxes useful. You can find more information on other closing costs on our Closing and City Costs page. Echo Fine Properties has a number of experts on hand to answer any questions, so don’t hesitate to get in touch with any queries you may have. We know that the process of buying a home can be confusing and overwhelming, and our team is here to make the process as clear and smooth as possible for all our clients.

Posted in Uncategorized on January 13, 2020 at 8:31 am.

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