Florida property taxes are a significant homeownership cost, averaging around 0.84% of a property’s assessed value statewide in 2023. New homebuyers benefit from the “Save Our Homes” amendment, capping annual assessment increases at 3% or the Consumer Price Index (CPI), whichever is lower; however, this protection doesn’t transfer upon sale. Initial property tax bills are generally higher for new owners because the assessed value resets to market value. Homestead exemptions provide up to $50,000 in property tax savings ($25,000 on the assessed value and an additional $25,000 on values exceeding $75,000). Some counties and cities levy additional taxes, impacting overall tax rates. Understanding millage rates (dollars per $1,000 of assessed value) is crucial for estimating taxes. Tax bills are mailed in late October or early November, with discounts offered for early payment (4% in November, declining monthly).
