Real estate taxes in Florida can be a significant expense for homeowners and buyers to consider. In this blog post, we will explore how real estate taxes work in Florida, how much you can expect to pay, and some strategies for managing your real estate tax burden.
How Real Estate Taxes Work in Florida:
In Florida, real estate taxes are assessed and collected at the county level. The county assessor’s office determines the value of a property, and that value is used to calculate the real estate taxes owed. The tax rate is set by the county, and it is applied to the value of the property to determine the amount of taxes owed.
Real estate taxes are typically paid on an annual basis, and they are due by November 30th of each year. If you do not pay your real estate taxes on time, you may be subject to late fees and other penalties.
How Much Can You Expect to Pay in Real Estate Taxes in Florida?
The amount of real estate taxes you can expect to pay in Florida will depend on several factors, including the value of your property, the tax rate in your county, and any exemptions or credits that you may be eligible for.
In Florida, the overall average real estate tax rate is around 1.1%. However, rates can vary significantly from one county to the next, with some counties having rates above 2.0%.
For example, if you own a property with a value of $300,000 and you live in a county with a tax rate of 1.5%, your annual real estate taxes would be around $4,500.
