Florida Property Tax Guide: Rates, Exemptions & How to Calculate (2026)

Florida property tax surprises buyers who don’t research it before closing. The rate, the exemptions, and the assessed value system work differently than in most other states. Here is what you need to know before buying in 2026.

How Florida property tax is calculated

Annual tax = Assessed Value × Millage Rate. Millage rates vary by county, municipality, and school district. South Florida counties typically run 18–22 mills total. A home with a $500,000 assessed value in a 20-mill area pays $10,000/year before exemptions.

The homestead exemption

Florida’s homestead exemption reduces your taxable value by up to $50,000 on a primary residence. Apply by March 1 at your county Property Appraiser’s office. It also triggers the Save Our Homes 3% annual assessment cap, which is worth tens of thousands over a decade of ownership.

What new buyers should expect

Your first tax bill is based on your purchase price, not the seller’s lower assessed value. This is often 50–100% higher than what the previous owner paid. Always ask your agent to estimate your taxes before making an offer. Read the full breakdown in our Florida property taxes explained guide.

County-by-county millage rates

Palm Beach County runs approximately 20–21 mills in most cities. Broward County averages 18–20 mills. Miami-Dade runs 19–22 mills. The exact rate depends on which municipality the property sits in. Use your county Property Appraiser’s website to calculate the exact rate for any specific address before making an offer.

For personalized guidance on buying or selling in South Florida, contact the team at Pure Equity Realty. We serve Palm Beach, Broward, Miami-Dade, St. Lucie, and Highlands counties with expert representation and a 1% listing fee.