Property taxes are set based on the Sale Price of the home subject to annual adjustments. To protect consumers, the rate at which your property taxes can go up annually is limited. If your Florida property is deemed as your Primary Residence, then the maximum annual tax increase must be less than 2% (See Home Stead Exemption). If the property is not your Primary residence, then the maximum annual tax increase must be less than 10%.
In the few years that I have owned in Florida, I have seen a small decrease in taxes in the first year, and a few modest increases well under the maximum allowable increase.
- Homestead Exemption
- Residency Implications
- US Income Taxes for Canadians