Whether you need to know how to pay your property taxes, are researching buying a home, or need to know what to do if you can’t pay your property taxes, this guide is for you.
What is the Florida property tax or real estate tax?
Florida property owners have to pay property taxes each year based on the value of their property. Property taxes apply to both homes and businesses.
The average property tax rate in Florida is 0.83%. Each county sets its own tax rate.
There are also special tax districts such as schools and water management districts that have a separate property tax rate. These can include fixed-amount non-ad valorem assessments.
You can see tax rates by county either summarized on the Florida CFO page or by finding the website for your county’s tax collector.
Agricultural properties typically have lower taxes, and many people apply for the agricultural classification for a portion of their property to reduce their property tax bill.
How do property taxes work for condos?
Condo owners pay property taxes based on the assessed value of their condo. While the factors that affect what a condo is worth may differ from a single-family home, the tax procedures and benefits work the same.
Under Florida Statute 718.120, all taxes are generally assessed against individual condo units. The association doesn’t pay taxes on the entire building or common areas.
A condo’s open spaces and amenities will factor into the value of each unit and the taxes that each unit pays.
What if you own multiple lots?
Some homes are sold as multiple lots or parcels. For example, two half-acre properties may be combined into a single acre that’s bought and sold together.
Multiple lots and parcels are treated as one property for property tax and Homestead Exemption purposes as long as they’re next to each other and you use them as if they’re a single property.
Can you deduct property taxes on your federal tax return?
Yes, you can generally deduct property taxes on your federal income tax return if you itemize your deductions and claim the State and Local Tax Deduction.
Are there limits on property taxes?
Florida has very strong limits on property tax increases for existing property owners. The Homestead Exemption also exempts property values up to a certain amount from property taxes.