Florida Taxes — A Quick Look
Major taxes collected in Florida include sales and use tax, intangible tax and corporate income taxes. Information regarding these and additional taxes can be located from the list below. There is no personal income tax in Florida.
- Florida Sales Tax: Florida sales tax rate is 6%.
- Florida State Tax: Florida does not have a state income tax.
- Florida Corporate Income Tax: Corporations that do business and earn income in Florida must file a corporate income tax return (unless they are exempt).
- Florida Property Tax: Florida Property Tax is based on market value as of January 1st that year.
Florida offers several tax benefits for those who are considering living and purchasing real estate in the state.
One of the most attractive benefits is the lack of a personal income tax. This means that all of your earnings are yours to keep, without a portion of it going to the state. Florida also has a lower sales tax rate than many other states, making it easier to save money when shopping.
Real estate taxes in Florida are relatively low, with no state real estate tax and only local taxes. These taxes are based on the assessed value of the property, and can be quite low depending on the area.
Additionally, Florida offers Homestead protection, which allows homeowners to protect their property from certain kinds of taxes and assessments. This can provide a great deal of stability for those who are looking to purchase a home in the state.
Overall, Florida offers a number of tax benefits that make it an attractive place to live and purchase real estate. From the lack of a personal income tax to the homestead protection, Florida is one of the most desirable states for those who are looking to purchase a home.
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