JACKSONVILLE, Fla. – Jacksonville-area property taxes rose much faster than home values from 2022 to 2024, placing the metro No. 2 among the 100 largest U.S. metro areas in an analysis by ConsumerAffairs.
Recommended Videos
The typical homeowner’s property tax bill in the Jacksonville metro area increased 21.7%, while median home values rose 8.1%, according to ConsumerAffairs’ analysis of U.S. Census Bureau data. The 13.6-percentage-point gap trailed only Lakeland-Winter Haven, Florida.
The study found property taxes outpaced home values in 46 of the 100 metros examined. Nationally, home values increased 12.4% over the period, compared with a 10.6% rise in property taxes.
The ranking reflects the two-year change, but the study’s five-year comparison showed a different trend: From 2019 to 2024, Jacksonville-area home values rose 63.1%, outpacing the 44.9% increase in property taxes.
The report said Jacksonville home values climbed by double digits in 2021 and 2022, then slowed in 2023 as mortgage rates rose to about 7% for a 30-year loan. It cited a U.S. Department of Housing and Urban Development analysis of the local market.
Florida voters will also decide on Amendment 3 in the Nov. 3 general election. The proposed amendment would increase the homestead exemption for non-school property taxes to $150,000 in 2027 and $250,000 in 2028, with inflation adjustments afterward, according to the Florida Department of State. It would also reduce the annual assessment-increase cap for non-homestead properties from 10% to 5%.
The study ranked metro areas by the percentage-point difference between property-tax growth and home-value growth. Its data covers 2022 to 2024, the most recent comparable two-year period available when the report was published.
