By Jason Schaumburg | The Center Square
Florida is middle of the road for U.S. states when it comes to property taxes, a new report by the personal finance website WalletHub shows.
Florida has the 26th-lowest property taxes in the U.S., according to the report – 2020's Property Taxes by State. The annual tax on a $205,000 home, the median home value in the U.S. in 2018, is an estimated $1,902 in Florida.
The median home value in Florida is $196,800. The tax on a Florida home at that value is an estimated $1,827, the report said.
WalletHub compared U.S. Census Bureau data for the 50 states and Washington, D.C., to determine the property tax rankings. It divided the median real estate tax payment by the median home price in each state to produce an effective real estate tax rate. It used the resulting rates to determine the amount paid as real estate tax on a house worth $204,900, the median value for a home in the U.S. as of 2018, according to the Census Bureau.
"When lawmakers and the media look at taxes, the focus is too much on the income tax, and property taxes are ignored," said Mitchell Franklin, director of the Department of Accounting at Le Moyne College's Madden School of Business. "Even with lower income tax rates, property taxes in many areas are so high, that there is still a disincentive to expand and stay in certain parts of the country." Florida does not tax personal income.
Hawaii has the lowest property taxes in the U.S., while New Jersey had the highest, the report said. The tax on a $205,000 home in Hawaii are an estimated $560. The tax on a home of the same value in New Jersey are an estimated $5,064.
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