What You Need to Know About the Increasing Property Taxes in Florida

Florida (Sunshine State) has the strongest connection with home prices and property taxes due to the yearly assessment of taxable values.

In Central Florida, homeowners have received their due property taxes for this year, and most of them find it at the peak level. Some will have to pay a significant amount every month.

The property taxes are calculated based on the market value of residential properties, which has been on the rise since the pandemic and remains close to its highest level until now.

The median property tax for single-family homes in Florida has increased by about 35% over the past five years. The spike of 10% in the state’s property tax is higher than the average increase in the U.S. In 2019, the median property tax was $2,226, and by 2023, it had jumped to $3,003, leveling up the overall cost of homeownership in Florida.

The financial stress on the homeowners might be enough to move some of them out of the market. Factors such as impact fees, population rise, and the highest inflation rates in the nation further exacerbate this financial burden.

This piece will give you insights into the rising property taxes in Florida, especially in Miami-Dade County.

Miami-Dade Experiencing the Highest Property Tax Rates
– Miami, the 7th largest city in the U.S., has a 2.06% property tax rate. Although Florida has no income tax structure, Miami-Dade residents pay the highest property tax.
– Miami-Dade County’s effective tax rate was 0.60% in 2023, while Broward County’s rate was higher at 0.99%. Despite this, property taxes in Florida remain competitive compared to the national average, which was $2,877 for single-family homes in 2023. |
– For the first time in a decade, Miami-Dade commissioners voted to cut the county’s four property tax rates. They approved a 1% reduction in the millage rate, offering some relief to homeowners. In 2021, the millage rate stood at 21.2466.

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However, despite this cut, Miami-Dade homeowners will still face higher taxes this year due to a 10% increase in home values between 2020 and 2021.

Conclusion
Rising property taxes in Florida, especially in Miami-Dade County, are a big challenge for homeowners. Even with recent tax rate cuts, higher property values mean higher tax bills. It’s important to understand these changes to manage the cost of owning a home in the state.

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