Florida vs Tennessee
Property Tax Comparison: Florida vs Tennessee
According to the U.S. Census Bureau's 2023 American Community Survey (5‑year estimates), the two states have different effective property tax rates, home values, and median household incomes. The data below summarizes the key metrics that affect a homeowner’s annual tax liability.
Side‑by‑side comparison of key metrics
| Metric | Florida | Tennessee |
|---|---|---|
| Effective property tax rate | 0.79 % | 0.55 % |
| Median home value | $325,000 | $256,800 |
| Median annual property tax | $2,555 | $1,400 |
| Tax on a $250,000 home | $1,966 | $1,363 |
| Tax on a $500,000 home | $3,931 | $2,726 |
| Median household income | $71,711 | $67,097 |
Source: U.S. Census Bureau, 2023 ACS 5‑year estimates.
For more detailed state‑specific information see the dedicated pages on Florida property tax and Tennessee property tax.
Which state has the lower property tax burden?
Winner (lower tax rate): Tennessee
- Rate difference: Tennessee’s effective property tax rate of 0.55 % is 0.24 percentage points lower than Florida’s 0.79 %, representing a 30.65 % lower rate.
- Annual tax difference on a $250k home: $603 less in Tennessee ($1,363 vs. $1,966).
- Annual tax difference on a $500k home: $1,205 less in Tennessee ($2,726 vs. $3,931).
Based on the most recent ACS estimates, Tennessee’s lower effective rate translates into lower yearly property‑tax payments for comparable home values.
Who benefits most from this comparison?
| Audience | Relevance of the comparison |
|---|---|
| Current homeowners | Understanding how a change of residence could affect annual tax outlays. |
| Prospective homebuyers | Evaluating overall affordability when comparing purchase prices and tax liabilities. |
| Retirees | Since many retirees have fixed incomes, lower property taxes can reduce the cost of maintaining a primary residence. |
| Real‑estate investors | Property‑tax expense is a component of cash‑flow calculations; a lower rate improves net returns. |
| Policy analysts | The data provides a baseline for assessing state fiscal policy and its impact on residents. |
The comparison is factual and does not incorporate state‑level exemptions, homestead credits, or other local variations that could further influence an individual’s tax bill.
Sources
- U.S. Census Bureau, 2023 American Community Survey 5‑year estimates – property tax rates, home values, and income data.
All figures presented are taken directly from the ACS dataset and reflect statewide averages; local jurisdictions may have rates that differ from the state median.
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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.