Understanding Florida Property Taxes: A Simple Guide for Homebuyers
Buying a home in Florida? You’re probably excited—but also wondering what Florida property taxes will mean for your budget. Don’t worry. This simple guide will walk you through how property taxes work in Florida, what exemptions you might qualify for, and what to expect after you buy a home.
Let’s make property taxes easier to understand.
What Are Property Taxes in Florida?
When you buy a home in Florida, you’ll need to pay property taxes every year. These taxes fund public services like schools, roads, fire departments, and local government.
Florida’s property tax rates are actually below the national average, but how much you’ll pay depends on:
Your home's assessed value
Your county’s millage rate
Any exemptions you're eligible for
How Are Property Taxes Calculated in Florida?
Formula:
Assessed Value – Exemptions = Taxable Value
Then…
Taxable Value × Millage Rate = Property Tax Due
Let’s break that down.
Assessed Value
This is what the county believes your home is worth—not what you paid for it.
Millage Rate
This is the tax rate set by your local government. One mill equals $1 in tax per $1,000 of taxable value.
Exemptions
You may qualify for reductions that lower your taxable amount (more on that next).
Florida Homestead Exemption: How It Can Save You Money
If you live in the home full-time, you can apply for the Homestead Exemption, which knocks up to $50,000 off your assessed value.
Benefits of Homestead Exemption:
Lowers your yearly tax bill
Triggers the "Save Our Homes Cap" (limits increases in assessed value to 3% per year)
Protects your home from certain creditors
Pro Tip: Apply by March 1st of the year following your purchase.
When Are Property Taxes Due in Florida?
Taxes are due on November 1st, but you can get discounts for paying early:
November: 4% discount
December: 3%
January: 2%
February: 1%
March: No discount, last month before delinquent
What Happens After You Buy a House?
Many buyers are surprised when their taxes go up after buying. That’s because the assessed value resets to the actual sale price once the property changes hands.
This is called a reassessment. It's why your tax bill might be higher than the previous owner's.
FAQs About Florida Property Taxes
How much are property taxes in Florida?
The average effective property tax rate is about 0.83%, but it varies by county. Orlando and surrounding areas are usually in the 0.9% to 1.2% range.
is the Homestead Exemption and who qualifies?
It’s a tax break for full-time Florida residents who own and live in their home. You must apply for it after moving in.
Can my property taxes go up every year?
Yes, but if you have the Homestead Exemption, your assessed value can only increase up to 3% per year (even if market value jumps higher).
Are property taxes included in my mortgage?
Often, yes. Many lenders set up an escrow account to collect taxes monthly with your mortgage payment.
FAQs About MainStreet Realty
Who is MainStreet Realty?
We’re a local real estate team helping buyers and sellers across Orlando, Lake Nona, St. Cloud, Kissimmee, Deltona, DeLand, and beyond.
Can MainStreet Realty help me understand property taxes before I buy?
Absolutely! We walk you through every cost—including taxes, closing costs, and local exemptions—so you can budget smart and avoid surprises.
Do you only help buyers?
Nope—we also help sellers, investors, and landlords. Whether you're buying your first home or selling an inherited property, we’ve got your back.
Final Thoughts: Plan Ahead and Save
Understanding Florida property taxes doesn’t have to be confusing. By knowing your assessed value, applying for the Homestead Exemption, and planning for reassessment, you can avoid costly surprises after closing.
Need help? MainStreet Realty is here to guide you from search to closing—and everything in between.
Ready to buy or sell in Florida?
Contact MainStreet Realty today or visit https://buymainstreetre.com to get started.
Email: [email protected]
Address: 2 Volusia Drive Debary, FL, 32713
Phone Number: Orlando: 407-789-0925 | Volusia: 386-259-2426 | Lake:352-729-1425
