Cost of Living
What Lake Nona really costs
Florida has no state income tax, but property taxes and insurance carry the load. Here is how the system works and how to estimate your own numbers.
Home/Cost of Living
The three things to understand
- No state income tax. Florida funds itself through sales and property taxes instead.
- The homestead exemption. Florida's homestead exemption can reduce your home's taxable value by up to $50,000. File with the county property appraiser by March 1.
- The Save Our Homes cap. Once homesteaded, the assessed value of your primary residence cannot rise more than 3% a year, which is why long-time owners often pay far less than a new buyer of the identical house next door. Budget from what YOU will pay, not what the seller paid.
Rough numbers
Homestead savings estimator
A representative illustration of the annual savings the exemption can produce. It is not your tax bill; millage varies by city, county, and district.
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Representative math: $25,000 fully exempt plus $25,000 exempt from non-school taxes, at an illustrative 17.0 total / 6.5 school mills. Verify with the Orange County Property Appraiser, which publishes official estimating tools.
Orange County Property AppraiserOfficial values, exemptions, tax estimator
Orange County Tax CollectorBills, payment, local services
Insurance is the other big line: quotes vary widely by construction year, roof age, and location, so shop early in the process, not after you are under contract.