topleft
topright

Florida

E-mail
Florida State and Local Tax Profile

Income Taxes

  • No state income tax
  • Retirement Income: Not taxed. Starting in 2007, individuals, married couples, personal representatives of estates, and businesses are no longer required to file an annual intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts, and unsecured notes. For details, click here.

Sales Taxes

  • State Sales Tax: 6% (food, prescription and non-prescription drugs exempt). There are additional county sales taxes which could make the combined rate as high as 9.5%.
  • Gasoline Tax: 31.9 cents/gallon
  • Diesel Fuel Tax: * 27.9 cents/gallon
  • (Local taxes for gasoline and gasohol vary from 5.5 cents to 17 cents, plus there is a 2.07% gasoline pollution tax.)
  • Cigarette Tax: 33.9 cents/pack of 20
  • * Includes local county taxes

Property Taxes

  • All property is taxable at 100% of its just valuation. In certain counties and cities homeowners 65 and over can receive a homestead exemption from property tax of $25,000 if their household income, as defined by the federal tax code, is at or below $23,463 per year (2006 figures). The income limitation is adjusted each year based on the cost of living index. In many instances the definition of household income excludes Social Security. Permanent residents may also be entitled to a homestead exemption regardless of age. Residents 65 and older are entitled to both exemptions ($50,000). The senior citizen's homestead exemption applies only to tax millage levied by the county or city, and does not apply to millage of school districts or other taxing authorities. The homestead exemption for all residents applies to all property taxes, not just city and county taxes. Annual increases in the assessment of homestead property are limited to 3% of the prior year's assessed value, or if lower, the percentage change in the Consumer Price Index for the prior, as long as there was no change in ownership. A 2006 law provides a property tax discount on homestead property owned by eligible veterans. To be eligible, a veteran must have an honorable discharge from military service, be at least 65 years old, be partially disabled with a permanent service connected disability all or a portion of which must be combat-related, and must have been a Florida resident at the time of entering military service. This discount is in addition to any other exemptions veterans now receive.
  • For more details on property taxes, click here, then find the link for the county property appraiser for the county in question. For more information on Florida property tax exemptions, click here.

Estate Taxes

  • There is no inheritance tax and only a limited estate tax.





Reddit!Del.icio.us!Facebook!Slashdot!Netscape!Technorati!StumbleUpon!Newsvine!Furl!Yahoo!Ma.gnolia!Free social bookmarking plugins and extensions for Joomla! websites!

Related Articles:

Last Updated ( Monday, 21 January 2008 )
 
< Prev   Next >

Top Tax Software

TurboTax - The Easy Way to Do Your Taxes

Logo