Florida is facing significant challenges in housing affordability, as three of the five U.S. metropolitan areas with the highest property tax increases since before the pandemic are located in the Sunshine State. A recent report from Redfin highlights that the median monthly property tax bill in Jacksonville has risen by 59.6% to $228, in Tampa by 56.7% to $250, and in Miami by 48.1% to $367.
This surge in property taxes is largely attributed to skyrocketing home values driven by an influx of remote workers during the pandemic, increased demand for government services due to population growth, and rising costs associated with climate resiliency projects.
Nationwide, property taxes have risen nearly 30% since 2019, with 48 of the 50 most populous metro areas experiencing increases. As demand for homes in Florida continues to decline, Redfin economists warn that the rising costs may further push potential buyers out of the market, complicating the state’s already challenging housing landscape.
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