How Much Are Property Taxes in Florida?

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How Much Are Property Taxes in FloridaFlorida property tax rates rank at or below national averages, making it one of the most affordable states to put down roots or buy a second home. According to the numbers, the average property tax rate totals 1.10% lower than the national average in the US.

The average tax rate in Brevard County is 1.046%. That means if you have a home with an assessed value of $138,500 you’d pay around $1,449 in property taxes. That’s less than the average rate for all of Florida, which would total $1,524. The national average property tax for a home of this value is much higher at $1,677.

You do not pay the same tax rate all throughout Florida. Your rate will vary based open the appraised value of your home and the property tax rate at that specific address. Each county has its own rate; some are as low as 0.54% (Walton County) and go up to 1.33% (Broward County).  It’s not unusual to see a variety of tax rates all located within the same general area.

How Do Property Taxes In Florida Work?

The amount of property tax you pay is based upon the tax rate of your address paired with the value of your property. A property appraiser, who is elected into position, determines the annual appraisal of every parcel in the county. This process includes a massive research undertaking and systematic analysis of market data. Property tax rates are then applied to the assessed value of your property, as opposed to the appraised value. Assessed values include the Save Our Homes assessment limitation and exemptions.

The most commonly claimed exemption is the homestead exemption. You can claim this on any owner-occupied residence and reduce assessed values by $50,000 for most tax forms and $25,000 for school taxes.

The Save Our Homes assessment limitation puts a 3% limit on increases in assessed value or the rate of inflation, depending on which is lower. This prevents people from facing serious financial strain during times of hot market activity.

Appeal Process For Property Taxes

Every year, be sure to check your annual TRIM (Truth in Millage) report. This notice shows your home’s appraised and assessed value, from which your property tax bill is determined. If the appraised value is higher than you think you would get for your home if you sold it tomorrow, you can file an appeal. You must file your appeal with the county adjustment board within 25 days of receiving the notice.

Property tax rates are applied to the assessed value, so this is the most important number to look at.

There are three things you can do if you feel a property bill is not fair or accurate. You can have an informal meeting with the property appraiser, get the local Value Adjustment Board to review your case, or file suite in the circuit court within your home’s district.

10 Florida Counties With The Lowest Property Tax Rates: 

-Walton

-Monroe

-Bay

-Collier

-Franklin

-Jackson

-Sumter

-Santa Rosa

-Okaloosa

-Sarasota

10 Florida Counties With The Highest Property Tax Rates: 

Alachua

Volusia

St. Lucie

Dixie

Broward

Pinellas

Hendry

Hillsborough

Palm Beach

Miami-Dade

Property taxes do not always indicate how expensive or inexpensive it is to live somewhere. A number of other factors play a role, especially the cost of the home and local cost of living.

Don’t let an area’s property tax encourage or deter you from purchasing a home there. There are parts of Florida with higher tax rates that still offer big savings in terms of comparable homes in other states. No matter which county you choose, you can’t go wrong. After all, Florida has some of the lowest property tax rates and most affordable waterfront properties in the nation.

When Are Florida Property Taxes Due?

Real Property Taxes in Florida are billed for the calendar year and are payable November 1 of that year. When you receive your tax bill in November you have until March 31 of the following year to pay it in full. As of the very next day, April 1, all unpaid property taxes are considered delinquent.

If you pay your property taxes early you qualify for a discount. Payments received in November are discounted by 4%, 2% in December and 1% in February.