How do Florida’s residential property tax rates rank among the states? A recent study by the non-profit Tax Foundation ranks the effective owner-occupied residential property tax rates of all fifty states. To provide a meaningful comparison, the study takes into account percentage value increase limitations (like Florida’s “Save Our Homes” cap) and exemptions (like Florida’s “Homestead Exemption”).
The study ranked Florida twenty-five out of the fifty states, with a 1.06% average effective tax rate after taking into account exemptions and limitations. Hawaii’s 0.28% mean effective tax rate ranked lowest. New Jersey’s 2.38% mean effective tax rate was the highest, followed by Illinois, New Hampshire, and Connecticut, respectively.
Three of the four states with the highest property tax rates also impose significant state income taxes. While we wish Florida ranked at the bottom of the property tax rate list with Hawaii, we are grateful Florida does not impose a personal income tax in addition to its property tax.
You can see the Tax Foundation study’s full results in a map format by clicking this link: