Florida real estate calculators

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Florida ownership costs diverge from national averages in two directions at once. Property tax is held down by the homestead exemption and the Save Our Homes assessment cap, while homeowners insurance runs well above the national norm and is the line most calculators understate. Model both before judging what a Florida home costs to carry.

What changes the numbers in Florida

Homestead exemption

A primary residence can claim up to $50,000 off assessed value: the first $25,000 applies to all property taxes, the second $25,000 to non-school taxes only.

Save Our Homes cap

Once homesteaded, the assessed value of that property cannot rise more than 3% or the change in CPI per year, whichever is lower. Market value and assessed value drift apart over time.

No state income tax

Florida levies none, so take-home pay is higher than the same gross salary elsewhere. Lender ratios still run on gross income, so this widens what is comfortable rather than what is approved.

Insurance and flood

Windstorm and flood are frequently separate policies, and flood is not included in a standard homeowners policy. Both belong in the monthly figure.

County millage

Rates are set by county and municipality, so Miami-Dade, Broward, Hillsborough, Orange and Duval each produce a different tax line on the same purchase price.

Condo association reserves

Florida now requires structural reserve studies and funding for many condo buildings, which has pushed association dues materially higher. Dues are paid to the association, not the lender.