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Florida Property Taxes by County: What New Buyers Pay
Florida property taxes by county: Collier (Naples): 0.75-0.9% effective rate. Sarasota/Charlotte: 0.8-0.9%. Pinellas (St. Pete): 0.9-1.0%. Hillsborough (Tampa): 0.95-1.05%. Orange (Orlando): 0.95-1.05%. Miami-Dade: 1.0-1.1%. Broward: 1.05-1.15%. New buyers: assessed at purchase price (year 1). Save Our Homes 3% cap begins year 2. Annual tax examples: $500K home at 0.95% = $4,750/yr before exemptions. Own Luxury Homes® FL BK3626873. 12-Point Agent Integrity Audit™.
Florida Property Taxes by County: What New Buyers Pay
Florida property taxes vary significantly by county. Here are effective rates for major Florida markets and what new buyers pay in the first year of ownership.
Effective Tax Rates by Major Florida County
Property taxes in Florida are set by county millage rates applied to the assessed value. Here are approximate effective rates (after homestead exemption) for major Florida markets: Southwest Florida (lower-tax markets): • Collier County (Naples, Marco Island): 0.75–0.9% • Sarasota County: 0.8–0.9% • Charlotte County: 0.8–0.9% • Lee County (Fort Myers, Cape Coral): 0.85–0.95% Tampa Bay: • Pinellas County (St. Pete, Clearwater): 0.9–1.0% • Hillsborough County (Tampa): 0.95–1.05% • Pasco County: 0.9–1.0% Central Florida: • Orange County (Orlando): 0.95–1.05% • Osceola County: 0.95–1.05% • Seminole County: 0.85–0.95% South Florida (higher-tax markets): • Palm Beach County: 0.95–1.05% • Miami-Dade County: 1.0–1.1% • Broward County: 1.05–1.15%
What New Buyers Pay in Year 1
New Florida homeowners are assessed at the purchase price in year 1. The Save Our Homes 3% cap begins only after the homestead exemption has been in effect through the first January 1 after filing. Year 1 tax estimate for a $500,000 purchase in Hillsborough County (1.0% effective): • Market value (assessed value year 1): $500,000 • Less homestead exemption ($50,000): −$50,000 • Taxable value: $450,000 • Annual tax at 1.0%: $4,500 • Monthly PITI escrow for taxes: $375 After 10 years with SOH cap (assuming 5%/year appreciation): • Market value year 10: $814,000 • SOH assessed value (3%/yr): $662,000 • Taxable value (after $50K exemption): $612,000 • Annual tax at 1.0%: $6,120 (vs $8,140 without SOH) • Annual SOH savings: $2,020
The New Buyer Disadvantage vs Long-Term Owners
Florida's Save Our Homes cap benefits long-term homeowners at the expense of new buyers. A neighbor who bought the same model home for $280,000 in 2012 may pay taxes on an assessed value of $400,000 while you pay taxes on your $700,000 purchase price. This is legal, intentional, and cannot be avoided. New buyers pay full market value taxes until SOH accumulates their own savings. Two implications: 1. Budget for full market value taxes (not the prior owner's assessed value shown on public records) 2. Factor long-term tax cost into the purchase decision — a Florida home purchased at $700,000 will have lower effective tax cost in year 15 than in year 1; the longer you stay, the better SOH works for you
“The most consistent budget surprise for new Florida buyers: they look up the property tax record online, see the prior owner's tax bill of $3,200/year, and budget that amount. Then they close, get assessed at their purchase price, and receive a tax bill for $5,800 or $7,200. The prior owner's tax bill reflects years of Save Our Homes accumulation. Your bill reflects current market value. Always estimate taxes based on your purchase price, not the prior owner's tax record.”
— Ryan Brown, Principal Broker & CEO, Own Luxury Homes®
How much are property taxes in Florida?
Florida property tax rates vary by county. Effective rates (after homestead exemption) range from approximately 0.75% in Collier County (Naples) to 1.1-1.15% in Miami-Dade and Broward. Annual tax on a $500,000 home: approximately $3,375-$5,175 depending on county. New buyers are assessed at the purchase price in year 1; the Save Our Homes 3% annual cap begins in year 2 of homestead, providing increasing tax savings over time as market values rise. Long-term owners in appreciating markets may pay taxes on assessed values 30-50% below market value.
Why is my Florida property tax higher than my neighbor's?
Because of Save Our Homes (SOH). Florida caps annual increases in homestead assessed values at 3% or CPI (whichever is lower). Long-term owners who bought years ago at lower prices have accumulated significant SOH protection — their assessed value is far below current market value. When you purchase, the assessment resets to your purchase price (full market value). You start building your own SOH protection from year 2 onward, but in the early years you will pay significantly more taxes than neighbors who bought the same home years ago.
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— Ryan Brown, Principal Broker & CEO, Own Luxury Homes® (FL License BK3626873)