Income taxes are generally imposed by the federal government and most state governments. The income tax rate may vary depending on the amount of income earned, with higher income earners generally paying a higher tax rate. Income tax can also be progressive, meaning that the tax rate increases as the amount of income earned increases.
In the State of Florida there is no personal income tax. Property taxes are used to fund local governments and state services. The amount of property tax you pay is based on the assessed value of your property. The assessed value is usually less than the market value of your property. The amount of taxes you pay also depends on the tax rate set by the government agency that oversees taxes in your area. Tax rates are expressed in thousandths, with one thousandth being one-tenth of one percent.
As a Florida homeowner, it’s important to keep up with tax changes so you can budget accordingly. Understanding how much you will owe in property taxes each year will help you make informed financial decisions about your home.
Depending on the land connection, estate taxes between 1.75% and 2.00% per year may result in Miami-Dade County. Other taxes in the thousands may be levied for a limited time by the taxing authorities, particularly for special investments (Special Assessments); the Assessed Value of the property, which is established by the City’s County Tax Assessor, is used as the basis for calculating the taxes.
Property tax is levied once a year, regardless of the homeowner’s state of residence.
