Real Estate Taxes Higher Relative to Income in FL and Miami-Dade
October 8, 2010 Leave a comment
See a major study on real estate taxes across 50 states . While Florida does not seem to bad, information shows that real estate taxes are relatively higher as a share of median income in Florida compared to other states. It is even worse for Miami-Dade Country (presented later).
The median property tax paid on a home in Florida was $1,773.00, ranking it at No. 23. New Jersey homeowners paid $6,579.00; in Louisiana, the median homeowner paid only $243.00. The median property tax paid nationwide was $1,917.00.
As a percentage of the home’s value, Florida ranked No. 22 based on a median home price of $182,400. New Jersey again ranked No. 1 based on a median price of $348,300, while Louisiana’s median home value was $135,400. The national median home value used for the study was $185,200.
Using a percentage of homeowner’s income, Florida ranked No. 18 based on a median of $53,595.00 per household. New Jersey’s median income was $88,343.00, while Louisiana homeowners made $50,545.00. The national median income was $63,306.00.