At the time of writing, the property tax rate in Florida is approximately 0.75% to 0.82%. For a median-valued home in the state, this means residents are shelling out roughly $2,300 to $3,200 annually. On top of that, the Sunshine State has one of the highest populations of seniors aged 65+, meaning many residents are living on a fixed income. Coming up with a few thousand dollars can seem impossible, especially with rising costs left and right these days. That said, Florida (along with a number of other states) has property tax breaks for older adults living there. Here is what you need to know about the residency rule that can erase property taxes after just 25 years.
