Florida vs Maryland
Property Tax Comparison: Florida vs. Maryland
Overview
Both Florida and Maryland levy property taxes that are used to fund local services such as schools, public safety, and infrastructure. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), Florida’s effective property‑tax rate is lower than Maryland’s, resulting in lower annual tax bills for comparable home values.
Side‑by‑Side Metrics
| Metric | Florida | Maryland |
|---|---|---|
| Effective property‑tax rate | 0.79 % | 1.00 % |
| Median home value | $325,000 | $397,700 |
| Median annual property tax | $2,555 | $3,989 |
| Tax on a $250,000 home | $1,966 | $2,507 |
| Tax on a $500,000 home | $3,931 | $5,015 |
| Median household income | $71,711 | $101,652 |
All figures are taken from the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates).
Which State Has the Lower Property‑Tax Burden?
- Winner (lower rate): Florida
- Rate difference: 0.22 % (Florida’s rate is 21.62 % lower than Maryland’s).
- Annual tax difference:
- On a $250,000 home: $541 less in Florida.
- On a $500,000 home: $1,084 less in Florida.
Because the effective tax rate directly determines the amount owed on any given property value, the lower 0.79 % rate in Florida results in smaller tax bills across the board compared with Maryland’s 1.00 % rate.
Who Might Benefit Most from This Comparison?
| Audience | Relevance of Lower Property Tax |
|---|---|
| Current homeowners | Reducing annual out‑of‑pocket costs; especially noticeable for higher‑valued properties. |
| Prospective homebuyers | Helps estimate total housing expenses when comparing locations. |
| Retirees | Lower property taxes can ease fixed‑income budgets, a factor often considered alongside state income‑tax policies. |
| Investors / landlords | Property‑tax savings affect net operating income and cash‑flow projections. |
| Policy analysts | Provides a data‑driven reference point for evaluating state‑level tax structures. |
The comparison is most useful for individuals and entities evaluating the overall cost of home ownership or investment in the two states. It does not address other tax categories (e.g., income, sales) or non‑tax considerations such as climate, cost of living, or public services.
Further Reading
- Detailed information on Florida’s property‑tax system: Florida property tax
- Detailed information on Maryland’s property‑tax system: Maryland property tax
Sources
- According to the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates), the figures above reflect the most recent publicly available data on effective property‑tax rates, home values, and household incomes for Florida and Maryland.
Explore More Comparisons
Discover how property taxes compare across all states in our comprehensive comparison guide.
Data Source
All figures are drawn from the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates). This comprehensive dataset provides reliable, standardized property tax information across all states.