THERE IS NO INCOME TAX
One of Florida’s strongest assets is that there is no income tax thus making taxes a low burden. Florida is one of seven states in the United States that does not place an income tax on residents. Sales tax in Florida is approximately 7% with some exemptions.
Property Tax Exemptions & TAX CAP
Available for primary residences is Homestead exemption. There is up to $50,000 available in exemptions. Applying for Homestead exemption triggers a CAP based on Florida’s Save Our Homes Act (SOA) meaning that future taxes on your property cannot go up by more than 3% year. As a result, there is a significant amount of money saved in your pocket. To apply for Homestead exemption the following is needed:
- a primary residence in Florida for a minimum of six months and one day
- a social security number
- one registered vehicle in Florida
- a voter’s registration card or certificate of domicile from your county
- a copy of your deed
Besides the Homestead exemption, there are different exemptions available for widow(ers), senior citizens, veteran’s and certain disabilities.
LOW Property Taxes (from 1.5% to 2%)
Property taxes are varied depending on the value of your home and the county in which you reside.
NO Estate Tax
There is no estate tax or inheritance tax assessed by the State of Florida.
NO Intangibles Tax
Residents of Florida no longer pay taxes to the state on intangible goods.