Property Taxes in South Florida
Prospective Buyers of South Florida Properties frequently ask how much they should expect to pay for future Property Taxes when they buy a Property. Your Property Tax amount will be estimated at approximately 2% of YOUR purchase price for the Property and you will be billed Annually from the County for your Property Taxes.
It’s VERY IMPORTANT to note that the amount that you will pay for your future Property Taxes WILL NOT be based on the amount that the current Property Owner is paying for their Property Taxes. Each time that a Property changes Ownership, the County reassesses the Property’s Taxes. In addition to the fact that the current Property Owner’s Taxes are based on the amount that they paid for their Property, many also have various Exemptions such as Homestead Tax exemption, etc. that apply to and discount their Tax amount. That being the case, it’s unnecessary to ask how much the current Owner pays for their Property Taxes and you should ignore the Property Tax amount field that’s shown in Property listings.
Click here to review additional information about Property Taxes.
5 important facts for you to know about Taxes in Florida
- Florida does not have State Income Tax for individuals (1 of only 9 States in the U.S. that doesn’t)
- Florida does not have Personal Income Tax
- Florida does not have Capital Gain Taxes for individuals
- Florida does not have Estate Taxes
- Florida’s Sales Tax Rate is 6%
States that currently rank as the top 10 for having the highest average State and Local Taxes (SALT) are New York, Connecticut, New Jersey, California, Washington D.C., Massachusetts, Illinois, Maryland, Rhode Island, and Vermont.