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Navigating Property Taxes and Insurance in Florida
What buyers need to know about the total cost of ownership in the Sunshine State.
Florida's lack of state income tax is a major draw, but buyers must carefully factor in property taxes and insurance when calculating the total cost of ownership. Property taxes are reassessed upon sale, meaning a new buyer's tax bill can be significantly higher than the previous owner's. Additionally, the property insurance market in Florida is complex, particularly for coastal homes. Securing windstorm and flood coverage requires understanding the property's elevation, the age of the roof, and the specific hurricane mitigation features in place.