Florida’s real estate tax laws can be tricky to understand. There are several factors which affect the size of your property tax bill, so if you’re buying property in Florida or are relocating, it’s important to understand how taxes are calculated.
Property values are in constant flux just as the real estate market is, so getting an accurate, current assessment is important. The assessed value of the property you buy may change dramatically when it changes hands, so it’s good to be aware of the factors that might influence how much tax you pay.
As well as market rates your real estate tax bill will also depend on the tax rate for different local government bodies. The property you buy will be subject to taxes from several different bodies, including county and city government, the school board, hospital district, and water district. There may be additional taxes if you live in a masterplanned community.
On the other side of the coin, homestead exemptions and the “Save our Homes” amendment help limit the amount of your property tax bill.