Florida metro areas are experiencing some of the nation's steepest property tax increases, with three cities ranking among the top five U.S. metros for tax hikes since 2019, according to a new Redfin report.
Jacksonville leads Florida's increases with a 59.6% jump to $228 monthly, followed by Tampa with a 56.7% rise to $250. Miami saw a 48.1% increase to $367. Only Indianapolis posted a higher increase nationally at 66.7%.
Multiple factors are driving Florida's property tax surge:
Rising home values from the pandemic-era buying boom and out-of-state migration have significantly increased assessed property values, though prices have recently cooled from peak levels.
The state's growing need for climate-resilience projects has prompted higher tax rates, particularly important in Florida where property taxes help compensate for the lack of state income tax.
Population growth has also increased demand for government services like schools and roads, while inflation has driven up the cost of providing these services.
The rising tax burden adds another challenge to Florida's housing affordability crisis, further impacting homeowners and potential buyers in these metropolitan areas.