Florida Mortgage Calculator

Florida's Tax Landscape and Your Mortgage

Florida is one of nine states with no state income tax. That extra take-home pay makes a real difference in mortgage qualifying — a household earning $150,000 keeps roughly $5,000-$10,000 more annually compared to states with 5-7% income tax rates. That translates to an additional $400-$800/month that lenders factor into your debt-to-income ratio.

At the state's median home price of $405,000, the $0.86% property tax rate adds $290/month to your mortgage payment. That's $3,483/year — below the national median of ~1.1%.

Property Taxes Across Florida

The 0.86% statewide average masks significant variation. Property tax rates vary significantly by county — Miami-Dade (~0.9%), Broward (~1.1%), and rural north Florida counties can exceed 1.3%

Price ranges across the state: Miami has a median of $580,000, while Jacksonville sits at $340,000 — a $240,000 gap that dramatically changes your monthly payment. At $0.86% property tax, that price difference alone means $172/month more in property tax in Miami.

Homebuyer Programs and Exemptions

Florida offers several programs for homebuyers:

• Florida Hometown Heroes with up to 5% down payment/closing cost assistance
• Florida Assist with $10,000 deferred second mortgage

Homestead exemption: Up to $50,000 off assessed value ($25K applies to all taxes, additional $25K applies to non-school taxes); Save Our Homes cap limits annual assessment increases to 3%

Florida-Specific Considerations

• No state income tax — combined with homestead exemption makes Florida very tax-friendly for homeowners
• Homeowners insurance crisis: average premiums are 2-3x the national average and rising due to hurricane risk
• Windstorm insurance is separate in coastal areas and can exceed $5,000/year
• Flood insurance required in many areas ($800–$3,000/year additional)
• Save Our Homes cap creates large disparities between long-term and new owners (similar to CA Prop 13)
• Property tax rates vary significantly by county — Miami-Dade (~0.9%), Broward (~1.1%), and rural north Florida counties can exceed 1.3%

Insurance Costs in Florida

At $4,200/year, Florida's average homeowners insurance premium is more than double the national average of approximately $1,500/year. That's $350/month added to your housing cost — a factor that's easy to overlook when comparing states. Homeowners insurance crisis: average premiums are 2-3x the national average and rising due to hurricane risk