As property values are rising across the U.S., so too are property taxes. Rates are rising almost 27% faster than inflation since 2020, according to The Tax Foundation. Though Florida isn’t among the top 10 states where property taxes are rising the most, property taxes in the Sunshine State are surging, and they’re forecast to go up more in coming years.
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A recent analysis by LendingTree found that the median property taxes in the U.S. rose by an average of 10.4% between 2021 and 2023 (the latest year of available data). The analysis considered the 50 largest metros where property taxes have gone up and found that four cities in Florida are among them.
4. Orlando
- Property taxes, annually, in 2021: $2,213
- Property taxes in 2022: $2,458
- Property taxes in 2023: $2,592
- Property taxes increase between 2021 and 2023: 17.1%
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3. Miami
- Property taxes, annually, in 2021: $3,011
- Property taxes in 2022: $3,315
- Property taxes in 2023: $3,570
- Property taxes increase between 2021 and 2023: 18.6%
2. Jacksonville
- Property taxes, annually, in 2021: $2,022
- Property taxes in 2022: $2,256
- Property taxes in 2023: $2,401
- Property taxes increase between 2021 and 2023: 18.7%
1. Tampa
- Property taxes, annually, in 2021: $1,935
- Property taxes in 2022: $2,185
- Property taxes in 2023: $2,385
- Property taxes increase between 2021 and 2023: 23.3%
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This article originally appeared on GOBankingRates.com: 4 Worst Florida Cities To Buy for Soaring Property Taxes
