Taxes and Insurance

Property taxes are one of several elements you’ll consider when buying a home in Florida. With the help of a qualified financial advisor and real estate agent, a home’s property tax assessment can give you a better picture of whether the home is right for you.

There are two stats to consider here:

  • An average 0.98% property tax rate
  • An average $1,752 annual property tax

A county-specific, elected property appraiser will assess properties based on market data and other local values. The property tax this professional decides on is applied to the assessed value of the home (not the appraised value).

Florida has a few different exemptions that may dictate the property tax such as the Save Hour Homes limitation. Another is the homestead exemption, that offer a form of protection after the death of the homeowner’s spouse.

FL Tax Rates

Florida tax rates are determined by ‘millage’ rates or 1/10th a percent. Essentially you’ll pay $1 for every $1,000.

Palm Beach County, where Jupiter, FL is located, tends to carry a 1.12% property tax rate. The median property tax is just over $2,700.

It’s good to understand how property taxes play into your home buying process as it’s a cost you don’t want disrupting your budget and goals. So, bundle this in when looking at properties and determining mortgage rates and loans.

Florida Home Insurance

Another element to factor into your home buying budget is the home insurance you’ll carry. This coverage is quite essential for protecting your new home, property, and occupants.

You’ll tend to find these types of insurance coverages:

  • Dwelling – Protects the home’s structure
  • Personal Property – Protects what’s inside the home
  • Other Structures – Protects other structures on your property
  • Liability – Protects you from being sued if someone gets injured on your property
  • Guest Medical – Pays medical expenses for those who may have been injured on your property
  • Additional Living Expenses – Covers living expenses if your home becomes uninhabitable

The amount of coverage you’ll need depends on several factors from personal needs to your location and its history of events such as hurricanes, flooding, tornadoes, and the like.

Average home insurance premiums are just under $2,000 a year. Coastal cities, like Jupiter, FL, see these high premiums because homes in the area are prone to natural events.

There are several home insurance providers in Florida:

  • Amica
  • State Farm
  • Auto-Owners Insurance
  • Allstate
  • ASI Progressive

Talk with your real estate agent and home insurance agent to find a perfect balance of coverage for the home you’re looking at or one you’ve just bought.

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