"Using the Florida Tax Watch information, it won't come as any surprise that property taxes in Florida have grown rapidly. The study shows, on average, that homeowners in Florida pay around $2,397.57 per person. In this study and many others like it, property taxes are calculated by multiplying a home's assessed value by the tax rate. What this means is that a $500,000 home with a 0.5% tax rate would pay right around $2,500 in property taxes, right around the average for the state."
"Assessors also take three things into consideration when determining tax liability in Florida, including the property tax rate for the area, the property value, and the assessment ratio, or the percentage of the property value that is subject to taxation. On the plus side, Florida residents can also avail themselves of a $50,000 Homestead exemption and the "Save Our Homes" cap that limits annual assessment increase to 3% or inflation, whichever is lower, which means your tax bill can't suddenly spike overnight."
Florida property taxes vary significantly by county, with homeowners paying about $2,397.57 per person on average. Major population centers are among the more expensive: Palm Beach ranks 4th most expensive, Miami-Dade 6th, and Broward 7th. Property taxes are calculated by multiplying a home's assessed value by the tax rate; for example, a $500,000 home at a 0.5% tax rate would pay about $2,500. Assessors consider the local tax rate, property value, and the assessment ratio. Florida offers a $50,000 Homestead exemption and the Save Our Homes cap, which limits annual assessment increases to 3% or inflation. Gadsden County averages $881.14 per capita and has about 43,826 residents.
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