The mortgage is the easy part. Here is how to budget for the property taxes, insurance, and association dues that decide what you can truly afford in Miami, Fort Lauderdale, and Palm Beach.
People move to Florida partly for the tax math — and it is genuinely good. There is no state income tax, and a primary residence gets real protection. But the carrying costs of a South Florida home are different from almost anywhere else in the country, and understanding them is what separates a comfortable purchase from a stressful one.
Property tax is billed on your home’s assessed value, and the effective rate in South Florida generally lands somewhere around 1%–1.3%, varying by county and municipality. The important part for a primary residence is the homestead exemption, which reduces your taxable value, plus the Save Our Homes cap, which limits how much your assessed value can rise each year to 3% (or the rate of inflation, whichever is lower).
A previous owner’s low, capped assessment does not transfer to you. When a home sells, its assessed value typically resets toward market value — so the seller’s tax bill is not the bill you will pay. Always budget from a reassessed number.
Florida homeowners insurance is among the most expensive in the United States, driven by hurricane exposure and a difficult claims environment. Two homes at the same price can have very different insurance costs depending on roof age, construction, elevation, and flood zone. Because of that, the only reliable way to know your cost is to get a quote on the specific home — never a rule of thumb.
Get a straight, local answer — pricing, timing, and exactly what to watch for.
Monthly association dues cover shared amenities, insurance on the building, and maintenance. In a well-run community they are a fair trade for a great lifestyle. But dues are only half the story: you also need to know whether the association is funding its reserves. After recent Florida reforms, older condo buildings must complete structural inspections and fully fund reserves, which has pushed some dues up and triggered special assessments.
“The sticker price tells you what a condo costs to buy. The reserve study tells you what it will cost to own.”
A healthy way to shop is to model the all-in monthly number — mortgage, taxes, insurance, and dues — for every home you seriously consider, and compare on that basis rather than on price alone. Two listings at the same price can carry very different monthly realities. Our team builds this breakdown for clients on every offer, so there are no surprises after you get the keys.
Hurricane exposure and a difficult claims environment make Florida one of the most expensive states to insure a home. Roof age, construction, elevation, and flood zone all move the number, so always get a quote on the specific property.
For a primary residence, Florida's homestead exemption lowers your taxable value, and the Save Our Homes cap limits how much your assessed value can rise each year (3% or inflation, whichever is lower). A previous owner's low, capped value does not transfer to you.
Dues cover shared amenities, building insurance, and maintenance — but not always fully-funded reserves. After recent Florida reforms, ask for the reserve study and assessment history so a surprise special assessment does not catch you out.
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