Florida vs New Jersey
Property Tax Comparison: Florida vs. New Jersey
Introduction
Both Florida and New Jersey impose local property taxes that fund schools, roads, and other municipal services. According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), the two states differ markedly in effective tax rates, median home values, and average tax payments. The data below provides a side‑by‑side view of the key metrics that affect homeowners and other property owners.
Side‑by‑Side Metrics
| Metric | Florida | New Jersey |
|---|---|---|
| Effective property tax rate | 0.79 % | 2.23 % |
| Median home value | $325,000 | $427,600 |
| Median annual property tax | $2,555 | $9,541 |
| Property tax on a $250,000 home | $1,966 | $5,578 |
| Property tax on a $500,000 home | $3,931 | $11,157 |
| Median household income | $71,711 | $101,050 |
Sources: “According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates).”
Internal links: Florida property tax • New Jersey property tax
Which State Has the Lower Property Tax Burden?
Winner (lower tax rate): Florida
- Rate difference: 2.23 % – 0.79 % = 1.44 percentage points, which is a 64.76 % lower effective rate in Florida.
- Annual tax difference on a $250,000 home: $5,578 – $1,966 = $3,612.
- Annual tax difference on a $500,000 home: $11,157 – $3,931 = $7,226.
Based on the most recent ACS estimates, Florida’s effective property tax rate is roughly one‑third of New Jersey’s, resulting in substantially lower yearly tax bills for comparable property values.
Who Might Benefit Most from This Comparison?
| Audience | Relevance of the Data |
|---|---|
| Current or prospective homeowners | Directly see how annual property tax payments differ for typical home price points ($250 k and $500 k). |
| Retirees or fixed‑income households | Lower tax rates in Florida may reduce the overall cost of home ownership, which can be significant for those on a fixed income. |
| Real‑estate investors | Understanding the tax burden helps in evaluating net operating income and cash‑flow projections across states. |
| Policy analysts | The contrast in effective rates provides a clear example of state‑level fiscal policy differences. |
The comparison is factual and does not prescribe a “better” state; it simply outlines the tax implications based on the cited Census Bureau data. Individuals should consider the full suite of cost‑of‑living factors—including income levels, insurance, and other state taxes—when making location decisions.
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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.