By Florida law, each county has a Property Appraisers office. Now you may hear your tax has something to do with purchase price, believe me, It has Nothing to do with what you buy a home for.
Each home is appraised according to a set formula by the counties property appraiser. This is called
"Just value" of your home. This value is adjusted each year as of Jan 1.
Lori Parrish is Browards Appraiser (Parrish is a FAMOUS Florida Family but do not know if she is one)
Her site is
Just Value from her site:
VALUATION - What is "just value"?
The Florida Constitution requires us to value all property at its "just value." The Florida Supreme Court settled the matter by ruling in the 1965 case of Walter v. Schuler that "just value" is the same as "market value." Market value is the cash amount a hypothetical willing buyer would pay for your property to a hypothetical willing seller on the open market under normal financial conditions (and minus a reasonable cost of sale). Thus, the actions of people who buy and sell property like yours set the value of your property.
Again from her site:
TAXES - Who sets my taxes?
The amount of your tax bill depends on two factors. The first is the assessed value of your property, which is our responsibility. The second is the tax rate, expressed as dollars per thousand, for each taxing body in which your property is located. For example, your property might be subject to taxes by Broward County, the School Board, a City, a Hospital District and multi-county districts such as the South Florida Water Management District. The sum of each of these tax rates is multiplied by your assessed value and equals the amount of taxes you are called on to pay. If you believe your assessment is too high, contact our office. If you think your taxes are too high, contact the governing body of the jurisdiction in question. Each taxing body is required to hold two hearings before they set the tax rate. They welcome responsible comments from taxpayers like you when setting their budgets and tax rates.
If you buy a home that for 100,000 that has a 200,000 Fair value, your taxes will be on $200,000
If you buy a home for $200,000 that has a Fair Value of $100,00, your taxes will be on $100,000.
The 2% of purchase price is total - well it TOTAL .