Apr 12, 2024 - News
Florida's property taxes have been on the rise
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Median property taxes for single-family homes in Florida have swelled about 35% over the last five years.
Why it matters: The state's property tax spike is 10 percentage points higher than the U.S. average, adding to the rising cost of homeownership.
Zoom in: Florida's median property tax increased from $2,226 in 2019 to $3,003 in 2023.
- Property taxes on U.S. single-family homes rose to $2,877 in 2023, up from $2,367 in 2019, according to data CoreLogic shared with Axios.
Between the lines: Property taxes, which are based on a home's assessed value and the local tax rate, typically climb as home values rise, according to Yanling Mayer, an economist and principal with CoreLogic.
- Hillsborough's effective tax rate was 0.93% in 2023, per a new analysis from Attom, a real estate data firm. Pinellas' was 0.75%.
- Property tax bills are steep nationwide after U.S. home prices surged nearly 40% during the pandemic, according to a recent CoreLogic report.