Jacksonville, FL can be a great place to live and raise a family. The city has a cost of living that is lower than the national average, and real estate prices tend to be slightly lower than average. For many potential homebuyers, however, the property tax charged in Jacksonville can be a large part of their housing budget.
Of course, it’s important to understand that comparing property tax rates is a lot more complicated than simply comparing millage. Property taxes are only a small part of the local taxes that people pay throughout the nation which include a combination of property, sales, and income tax as well as a mixed bag of other fees. In Florida, there is no state income tax. That means that the majority of revenue for the state and local governments has to come from property and sales tax.
How much will I pay in property tax?
Property tax in Jacksonville is a combination of several different taxes. All residents of Jacksonville are also residents of Duval County. In fact, this is one of the few cities in the nation that take up nearly an entire county. This means that there are no “additional” taxes assessed by the city; all property taxes are county taxes. Taxes are assessed differently for various parts of the city, however. The General Service area and Old City both have millage rates of 18.8932 in 2015. This rate has dropped slightly from the 2014 rates of 19.0978, mainly because of cuts to the revenue collected for the Water Management district (cut of .0141) and schools (cut of .083).
Other areas of Jacksonville, including Jax Beach, Atlantic Beach, Baldwin, and Neptune Beach pay millage rates between 19.1356 and 20.4427. Again, these rates are slightly lower than the 2014 rates due to minor cuts in school and water taxes.
It’s important to note, however, that the millage rate is essentially the amount of assessment on a property per every $1000 of its value. This means that property that has a higher assessed value will have a higher tax bill than property that is assessed at a lower rate.
While this is a standard method of assigning property tax in most counties throughout the nation, comparing the total amount of tax paid by residents to the total amount paid by residents of other areas can give potential homebuyers an idea of how a county assesses the value of a home. Foe example, some areas of the country tend to assign high values to property based on historic data, while other use current market value. While this can save a homeowner some money when the economy takes a downturn, it is also possible to see sharp spikes in a tax bill.
How does this amount compare to other areas of Florida?
In Duval County, the average property tax bill in 2014 was $1540. This equates to roughly 0.9% of the average selling price of property in the area. Of course, it’s important to note that property tax assessments in the state of Florida are made at the time of purchase, and by law can only increase by a maximum of 3% every year for owner-occupied property.
This means that there are a high number of residents in Jacksonville, FL who have an assessed value of their property that is much lower than it’s actual value. Nonetheless, property tax burdens in the city are just slightly higher than average. Average property taxes for the state in 2010 were $1,791 per property.
How does the property tax compare to the rest of the nation?
Nationally, Duval County ranks 475th out of 806 counties in the nation for total amount of real estate taxes paid. With an average tax burden in 2010 of $1527 per household and a national rate of $2,043 per household, it’s safe to state that property taxes are below average. As a percentage of median income, Jacksonville residents paid approximately 2.63% of their pre-tax pay. This gave them a rank of 484th out of 806 counties.
As a percentage of home value, Duval County ranked 449th out of 806 counties. In 2010, the average US resident paid 1.14% of his or her home value in taxes, while the typical Jacksonville resident paid .96%. By 2015, this percentage had dropped to .9%. The drop can be attributed to an increase in home values and a slight decrease in the millage rate.
This means that property tax rates in Jacksonville, FL are lower than the average amount paid in the rest of the country, but roughly on par with the amount paid throughout the state of Florida. It’s important for potential home buyers to obtain a tax assessment before making a home purchase, and carefully research the discounts on property tax that are available.
2 Point Highlight
1. Â Nationally, Duval County ranks 475th out of 806 counties in the nation for total amount of real estate taxes paid.
2. Â Property tax rates in Jacksonville, FL are lower than the average amount paid in the rest of the country, but roughly on par with the amount paid throughout the state of Florida.
