Florida Property Taxes, Explained

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Florida has no state income tax — but property tax is where the state gets its share, and the bill surprises almost every newcomer. Broward and Palm Beach counties run the same system with different numbers. Here is how it actually works, with the math most relocation guides skip.

Your tax is your home's assessed value multiplied by the local millage rate, set by the county, your city, and the school district combined. In practice: budget 1.5–2% of the purchase price for year one in Broward County, and 1–2% in Palm Beach County. Assessments reset at purchase — never trust the seller's current tax bill; it reflects their history, not yours. Tax notices (TRIM) arrive in August; taxes are payable November through March.

If the home is your primary residence, file for homestead exemption with your county Property Appraiser by March 1 after purchase — it removes $50,000 of assessed value from most of your tax bill, worth roughly $750–$1,000 a year on a typical purchase. File online: Broward — https://bcpa.net/homestead.asp · Palm Beach — https://pbcpao.gov/homestead-exemption.htm

Once homestead is in place, Florida's Save Our Homes cap limits how fast your assessed value can rise: the lesser of 3% or the inflation rate (CPI) per year, no matter how fast market values climb. Over a decade, the gap between your capped assessment and market value can grow very large — it is one of the quiet financial advantages of putting down roots here.

Moving within Florida? You can transfer up to $500,000 of your Save Our Homes benefit to your next homestead — called portability. Apply for it with your new homestead filing by March 1. Run your own numbers on the Broward calculator: https://bcpa.net/portabilitycalc.asp

Florida discounts early payment: 4% off in November, 3% in December, stepping down each month until full price in March. On a $20,000 tax bill, paying in November saves $800. It is the easiest money in Florida homeownership.

A $1.2M purchase in Broward County: budget $18,000–$24,000 for year-one taxes. Homestead trims roughly $750–$1,000 of that. Pay in November and the 4% discount takes another $720–$960 off. None of this is automatic — every saving on this page has a filing or a deadline attached.

Property appraisers: bcpa.net (Broward) · pbcpao.gov (Palm Beach) — Tax collectors: browardtax.org · pbctax.gov — Driver's license & registration for new residents: flhsmv.gov

Planning a move to South Florida? I'm Reed Kellough, Estate Agent at Douglas Elliman (Eklund|Gomes Team), (954) 242-0441, @reedtherealtor. My relocation playbook, 'Move to South Florida Like a Local,' walks the whole move — taxes, insurance, docks, timelines — step by step. And if you're selling somewhere else first, or moving to another state entirely: I'm Florida-licensed, but I maintain a national network of relocation specialists and referral partners, so I can help you find a vetted agent anywhere. Just ask.