Florida Tax - At a Glance
There is absolutely no tax on personal income in Florida. The main taxes collected and the information about them in Florida is mentioned below:
Now Let’s Discuss the Above Information in Some Dept
According to the Tax Foundation's independent research organization, “Florida had been one of the lowest tax burdens in the country, for decades.” In 2013, Florida was the 5th lowest tax burden place for its residents and businesses. Residents should be aware of the ways from which a state collects taxes because not all the taxes are equally created.
The strength of the low taxes of Florida is actually the lack of income tax that makes them one of seven US states. The state constitution forbids the income tax, although Floridians still have to pay federal taxes.
The state applies a rate of 6% on rental of goods or sales, with several exemptions, for instance, food and medicine. In addition, the local authorities can levy local taxes above the amount of the state, and a maximum of 55 of the 67 counties of Florida has given in 2012 the local sales tax on the tax of the state. The most tax added to sales amounted to 1.5% by 7 counties in 2012, to bring the total sales tax to 7.5% in the circles, this increases 8 counties in 2013.
For a complete list of additional tax rates on the sale by district, visit the Department of Revenue Florida: Click Here
Floridians don’t have to pay taxes to the state for their intangible assets, for instance, investment. The law requires that the tax was canceled in 2007.
Sales tax must be paid for out-of-state buying or for the internet, even if no tax was levied on the date of purchase, or at a lower rate than the tax charged sale and the use of Florida. Although it includes purchased tax items in Florida, it is mainly used for the branch items from the state, brought or delivered. Florida residents are required to report such sales and to pay taxes personally.
Florida does not charge tax inheritance or estate tax. No part of what a person wants would go to the state.
Property taxes in Florida are among the highest in the country, although there are some exceptions to trying to ease the load on some Floridians. Even the state government does not collect any land, property taxes; local government receives a large portion of their funds from these levies. These charges are assessed locally and vary by municipality and affect the value of the property.
Property Tax Exemptions
There are 9 tax exemptions in Florida
These exemptions are available on major residential residences in Florida. These exceptions can be available up to $ 50,000. However, only the first $ 25,000 exemption will apply to all taxes. The remaining $ 25,000 would be applied only to non-school taxes.
These exemptions of $ 500 are for widows and widowers who have not remarried. If you were divorced at the time of the death of your former spouse then you won’t be eligible for this exemption.
Details for these exemptions are available at Click Here
They are estimated at $ 50,000 for residents of 65 years age and also which have a gross income as $ 20,000 less in 2001, adjusted for inflation. This exception is beside the homestead liberation.
$ 500 is available to Floridians who are legally blind.
These exceptions are available to owners who are completely and permanently disabled. Quadriplegics who use their property as homestead are exempt from all land/property tax. Others who need a wheelchair to be used for the movement or are blind and have a lower gross income to $ 14,500 in 1991, adjusted for inflation, can also be exempt from all basic taxes.
*This content supports The Day and Jekov Group at CRR and RealStoria’s marketing services and is not written tax advice directed at the particular facts and circumstances of any person. If you need more information please contact a licensed tax professional. To the extent this content cannot be used, by any person for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. The information contained herein is general in nature and is based on authorities that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice provided by The Day and Jekov Group at CRR and RealStoria to the reader. This material may not be applicable to, or suitable for, the reader’s specific circumstances or needs and may require consideration of tax and nontax factors not described herein. Changes in tax laws or other factors could affect, on a prospective or retroactive basis, the information contained herein; The Day and Jekov Group at CRR and RealStoria assumes no obligation to inform the reader of any such changes.