How Do I Calculate My Property Taxes in Florida?

Whether you own property as an individual or business, you will be required to pay property tax on it in the state of Florida. It makes no difference if the property was gifted to you or you own a rental property, you will be required to pay property taxes. There is also no minimum or maximum to the taxes you could owe. If your house is worth $10,000 or $1,000,000-plus, you must pay property taxes in Florida. 

Here’s where you might be wondering “How do I calculate my property taxes in Florida?” Placing a value on a piece of real estate is the first step in determining how much property tax the owner will pay on it. Every county in Florida pays a different tax rate because each county has its own property appraiser. This person is an elected official who has the job of appraising every lot within the county annually.

Property tax rates are then applied to the assessed (taxable) value, which is the appraised value minus any of several exemptions that might be available to a property owner. In August of the next year, owners are notified of the assessed value and receive a tax bill in November, due the following March 31.

If you are a new property owner or are contemplating purchasing real estate, you probably have questions. Here are the most common ones that people ask:

How much is property tax in Florida?

The average property tax in Florida is $1,752, with an average rate of 0.98%, a bit lower than the U.S. average of 1.08%. The rates vary among the state’s sixty-six counties, and the state’s tax rates are stated in the millage set by each county, with ten mills equaling one percent of a property’s value.

A state constitutional amendment, known as “Save Our Homes,” limits property value increases to 3% of the previous year’s assessment or the Consumer Price Index (CPI), whichever is less.

How do I file for property taxes in Florida?

Property owners in Florida may be eligible for specific exemptions (below) and additional benefits to reduce their property tax bill. If you believe you qualify for any of these exemptions, submit all applications and documentation to the county’s appraiser where the property is located. Contact the county property appraiser with any questions.

Who is exempt from paying property taxes in Florida?

If you own real estate, you will likely be paying property taxes. However, much of Florida’s reputation as a tax-friendly state stems from the numerous exemptions it allows homeowners. First and foremost is the Homestead Exemption, which provides an exemption of up to $50,000 to those who own property in the state and make it their permanent home.  Other exemptions include:

  • Homestead exemption for people 65 and over: Any residents eligible for the homestead exemption who are 65 years of age or older could receive an additional $50,000 exemption. Specific income limits may apply.
  • Disabled veterans homestead property tax discount: For permanently disabled veterans, 65 and older, who lived in Florida when they entered military service.
  • Widow’s and widower’s exemptions: A $500 exemption for widows and widowers unless they remarry.
  • Disability exemption: A $500 exemption for Florida residents who are totally and permanently disabled.
  • Disabled veterans: Ex-service members who are permanent residents of the state and disabled at least 10% in war are eligible for a $5,000 exemption.
  • Blind persons: Every blind Florida resident qualifies for a $500 exemption.

How much does FL Homestead reduce taxes?

As mentioned, the Florida Homestead exemption can reduce your home’s taxable value by as much as $50,000. It provides those exemptions within certain value limits:

  • $25,000 in value is exempted in the first $50,000 of the assessed value of your home. This exemption applies to all property taxes, including school taxes.
  • You pay the full tax on any home value between $25,000 and $50,000.
  • Between $50,000 and $75,000, an additional $25,000 is eligible for an exemption, with none of it applying to school taxes.
  • Any value above $75,000 is fully taxed.

How does this reduce taxes on a home valued at $100,000, for example?

Without any exemptions, the tax on this home would be $980 annually. But if the owner qualified for the Homestead exemption, $50,000 in assessed value would be exempt, leaving $50,000 to be taxed at the .98% average rate, or $490—a reduction of $490 per year.

What about a home assessed at $70,000?

With this home, the first $25,000 in assessed value would be exempt from property taxes. The next $25,000 would be taxed at the regular rate. The remaining $20,000 in value would be exempt from all property taxes except school taxes. A home with this value would see a tax bill of $686 without exemptions ($70,000 x .98%). The homestead exemption would reduce the weight to $25,000, and the taxes would fall to $245, or a savings of $441.

Ensure that you are paying fair rates on homeowners insurance

The insurance advisors at NSI Insurance Group are ready to help you choose the right coverage. To pay your property taxes, visit the government website here. If you need comprehensive homeowners coverage, we can assist you. Use the convenient contact form, call us at 305-556-1488, or send us a message at info@nsigroup.org.

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