Understanding Florida Property Taxes: What You Need to Know

If you are considering buying property in Florida, you need to be aware of the property taxes you may have to pay. It is not as simple as looking at the MLS sheet and assuming that is the amount you will pay for property taxes. There are various factors that come into play when calculating property taxes in Florida. In this article, we will provide you with a comprehensive guide to understanding Florida property taxes, including the advantages of living in Florida, the homestead exemption act, and how to calculate your estimated taxes.

Advantages of Living in Florida

Florida is one of the most popular states for real estate investors, particularly those looking to retire. One of the biggest advantages of living in Florida is the lack of state income tax. This means that you can keep more of your money, and you won’t have to pay state taxes on your retirement income. Additionally, Florida is known for its warm climate, beautiful beaches, and abundant recreational activities, making it an ideal location for retirees and families alike.

What Are Property Taxes in Florida?

In Florida, property taxes are based on the value of the property. Typically, property taxes are around 2% of the sales price, but this is not an exact amount. The property tax rate can vary depending on several factors, including the length of time the previous owner owned the property, whether the property is the primary residence, whether the owner has taken advantage of any exemptions, and whether there are any community development districts (CDDs) in the area.

Homestead Exemption Act

The homestead exemption act is a Florida law that provides property owners with a tax exemption on their primary residence. This means that the property taxes for the primary residence will be lower than for a secondary or vacation home. To qualify for the homestead exemption, you must be a permanent resident of Florida and use the property as your primary residence. You must also file an application with your local property appraiser’s office. The homestead exemption will cap your property tax increase at 3% per year, which is a significant benefit for homeowners.

Calculating Your Estimated Taxes

To calculate your estimated taxes, you need to take into account several factors. Firstly, you need to determine how long the previous owner owned the property and what tax rate they were paying. If they had owned the property for a long time, they may have taken advantage of the homestead exemption, which will reduce their tax liability. Additionally, the tax rate for a primary residence is lower than for a vacation or second home. If you are buying a second or vacation home, your tax rate will be different.

In this video, 🎬 I will explain Florida property taxes, what to look out for, and what you need to know to avoid being hit with a big bill you weren’t expecting when looking for homes. If you’re considering moving to Florida or are moving to another home in Florida, you need to watch this video! 🎬 It will explain everything you need to know about property taxes in Florida, from the basics to the hidden fees. By the end of this video, you’ll be able to make an informed decision about whether or not to move to Florida or purchase another home in Florida and avoid expensive property taxes!

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I am Maria Wells, Broker/Owner of Lifestyle Realty Group. Located on the Treasure Coast of Florida, I am your neighborhood expert in Stuart, Jensen Beach, Palm City, Hobe Sound, Sewalls Point, Hutchinson Island, and more.  With six real estate designations, I bring you knowledge and insights beyond the average Realtor.  I will listen to what you are asking, read between the lines, and give you the information you may not know to ask. 

As the 2017 elected State President of Florida Realtors, the largest state trade organization in the US serving over 180,000 members, and, in 201,9 elected Region 5 Vice President for the National Association of Realtors, I convey tremendous experience and knowledge to handle the complexities of real estate to be your strong advocate. My Concierge philosophy and resources will provide you with personalized attention and service!  As a persuasive negotiator, I will get you to the closing table, manage all the details for a worry-free transaction, and be a resource for all your real estate needs for years to come.

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I live in Jensen Beach, Florida with my husband, where we raise Orchids 🌸, polish up our Harleys 🏍 , and enjoy our grown children and one adorable grandson.👶🏻 🍼.  Photos 🎥 by Dragonfly Aerials – dragonflyaerials.pics  

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