Florida vs Minnesota
Property‑Tax Comparison: Florida vs. Minnesota
Intro
Both Florida and Minnesota levy property taxes that fund local services such as schools, police, and infrastructure. The two states differ in effective tax rates, median home values, and household incomes, which affect the amount homeowners pay each year. The following comparison uses the latest available data from the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates).
Side‑by‑Side Metrics
| Metric | Florida | Minnesota |
|---|---|---|
| Effective property‑tax rate | 0.79 % | 1.04 % |
| Median home value | $325,000 | $305,500 |
| Median annual property tax | $2,555 | $3,184 |
| Property tax on a $250,000 home | $1,966 | $2,606 |
| Property tax on a $500,000 home | $3,931 | $5,211 |
| Median household income | $71,711 | $87,556 |
| Relevant internal link | Florida property tax | Minnesota property tax |
All figures are drawn from the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates).
Which State Has the Lower Property‑Tax Burden?
Winner (lower tax rate): Florida
- Effective tax‑rate difference: 0.26 percentage points, which is a 24.56 % lower rate than Minnesota’s 1.04 %.
- Annual tax difference on a $250,000 home: $640 less in Florida ($1,966 vs. $2,606).
- Annual tax difference on a $500,000 home: $1,280 less in Florida ($3,931 vs. $5,211).
Because the effective property‑tax rate is the primary determinant of the annual tax bill, Florida’s lower rate translates directly into lower property‑tax payments for comparable home values.
Who Is Likely to Benefit Most from This Comparison?
| Audience | Relevance of the Data |
|---|---|
| Current or prospective homeowners | The table shows the expected yearly tax liability for typical home prices in each state, enabling a direct cost comparison. |
| Retirees | Property‑tax levels affect fixed‑income budgeting; Florida’s lower rates may reduce the overall cost of homeownership for retirees. |
| Real‑estate investors | Understanding the effective tax rate helps calculate net operating income and long‑term holding costs. |
| Policy analysts | The data illustrate how state‑level tax structures differ when controlling for median home values and incomes. |
The comparison is factual and does not factor in other state‑specific considerations such as sales taxes, income taxes, or local exemptions, which may also influence overall affordability.
References
According to the U.S. Census Bureau’s 2023 American Community Survey (5‑year estimates), the metrics presented above reflect the most recent national estimates for property taxation in Florida and Minnesota.
Based on the most recent ACS estimates, Florida’s effective property‑tax rate of 0.79 % is lower than Minnesota’s 1.04 %.
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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.