Higher home values mean higher property taxes in Florida

Median property taxes for single-family homes in Florida have swelled about 35% over the last five years.

Why it matters: The state's property tax spike is 10 percentage points higher than the U.S. average, adding to the rising cost of homeownership.

Zoom in: Florida's median property tax increased from $2,226 in 2019 to $3,003 in 2023.

• Property taxes on U.S. single-family homes rose to $2,877 in 2023, up from $2,367 in 2019, according to data CoreLogic shared with Axios.

Between the lines: Property taxes, which are based on a home's assessed value and the local tax rate, typically climb as home values rise, according to Yanling Mayer, an economist and principal with CoreLogic.

• Miami-Dade's effective tax rate was 0.60% in 2023, per a new analysis from Attom, a real estate data firm. Broward's was 0.99%.
• Property tax bills are steep nationwide after U.S. home prices surged nearly 40% during the pandemic, according to a recent report by CoreLogic..