NJ Property Taxes vs. Florida: What You’ll Actually Save by Moving to Boca Raton

Written by Cory Levine, Life Insurance Expert ✅

Founder of The Life Insurance Professionals · Licensed since 2018 · Boca Raton, FL, serving families nationwide

Licensed ExpertHundreds of Families Helped4 min read

Last updated: October 30, 2026 ·

Editorial disclosure

This article was written by Cory Levine, a licensed independent life insurance agent, for general education. It is not financial, tax or legal advice. Cory may earn a commission if you buy a policy through him, and that never changes what he recommends. Rates, benefits and availability vary by company, state and underwriting.

Helping families since 2018. Content follows our editorial standards to protect consumers.

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Cory Levine is an independent life insurance agent in Boca Raton, Florida, serving families nationwide. After losing his wife in 2017 and raising his children on his own, he helps families compare term life with living benefits, indexed universal life, permanent coverage and annuities, with honesty and no pressure. Read Cory’s full bio

If you own a home in New Jersey, you already know the feeling. The property tax bill shows up, and it keeps climbing — year after year — no matter what the house is actually worth to you. You’re not imagining it. New Jersey has the highest property taxes in the United States, and for a lot of families approaching retirement, that single bill is the quiet reason they finally start looking south.

Let’s put real numbers to it.

The Real Gap: New Jersey vs. Florida

New Jersey’s effective property tax rate runs about 2.1% of a home’s value — the steepest in the nation. The average New Jersey residential property tax bill recently came in around $9,900 a year.

Florida’s effective rate is roughly 0.8% — about a third of New Jersey’s. On a comparable home, that’s not a small discount. It’s a different financial life.

Here’s a simple side-by-side on a $500,000 home:

• New Jersey (~2.1%): roughly $10,500 per year
• Florida (~0.8%): roughly $4,000 per year

That’s about $6,500 saved every single year — on property tax alone. Over ten years, that’s $65,000 that stays with you instead of leaving your account each November.

Why Florida Is So Much Lower

It isn’t an accident. Florida gives homeowners two powerful protections:

1. The Homestead Exemption. If the home is your permanent residence, Florida exempts up to $50,000 of its assessed value from most property taxes. That reduction comes right off the top.

2. “Save Our Homes” Cap. Once you have the homestead exemption, Florida limits how much your assessed value can rise — to a maximum of 3% per year, no matter how hot the market gets. This is the piece New Jersey homeowners dream about: your tax bill can’t suddenly balloon because values jumped.

In other words, Florida doesn’t just start lower — it stays predictable.

And That’s Before Income Tax

Property tax is only half the story. Florida has no state income tax. New Jersey does. For retirees drawing from pensions, 401(k)s, IRAs, and other income, that difference compounds the savings even further. The money you worked your whole life to build simply goes further here.

What This Really Means for Your Retirement

When people add it up — the property tax savings, the lack of state income tax, the lower cost of carrying a home — the number is often large enough to change the math on their entire retirement. It can mean retiring a few years earlier. It can mean more income available each month. It can mean leaving more behind for the people you love.

But here’s the part that’s easy to miss in the excitement of the move: saving the money is step one. Protecting it and turning it into reliable, lasting income is step two. A move to Florida can free up real dollars — the question then becomes how to make those dollars work for you for the next 20 or 30 years without unnecessary risk.

Thinking About the Move?

If you’re a New Jersey (or New York) homeowner weighing a move to South Florida, it helps to talk through both sides: the home itself, and what the savings could do for your retirement and your family’s future. That’s exactly the kind of conversation I have with families every week here in Boca Raton.

Reach out anytime — no pressure, just a clear picture of what the numbers could look like for you.

This article is for general educational purposes only and is not tax, legal, or financial advice. Property tax rates and exemptions vary by county and property, and figures above are approximate averages that change over time. Please confirm current rates with the Florida Department of Revenue or your county property appraiser, and consult a qualified tax professional about your specific situation.

About Cory Levine

Cory Levine is an independent life insurance agent and founder of The Life Insurance Professionals, based in Boca Raton, Florida and serving families nationwide. Licensed since 2018, he has helped hundreds of families protect what matters most. After losing his wife in 2017 and raising his children on his own, he knows firsthand what the right coverage means to a family. Guided by his faith, Cory treats every family he helps as a responsibility, not a sale, with honesty, transparency and no pressure. He compares top-rated companies to find honest options: term life with living benefits, indexed universal life, permanent coverage, and annuities, including 401(k) rollovers and retirement income you can’t outlive. Florida License W526357.

“Do nothing out of selfish ambition or vain conceit. Rather, in humility value others above yourselves.” — Philippians 2:3 (NIV)