Florida has some of the most favorable tax laws in the country. For those of you new to the area, or considering a move to our sunny state, here is a quick summary of Florida taxes, please consult licensed professional for detailed tax information and attached are some links where you can get more information:
Florida is one of the few states that doesn't charge income tax, however residents are still required to pay federal tax. Corporations that aren't exempt must file a return.
The 2015 sale tax rate is 6% in Florida, plus a Discretionary Sales Surtax that varies by county. View the 2015 surtax listing by county.
Florida property taxes are calculated annually based on the market value of the property on January 1 of the current year. These rates can be quite hefty, but residents can apply for several property tax exemptions to ease the burdens. Get information for taxpayers that outlines the tax system, exemptions, payment info and more.
Florida has no estate or inheritance tax.
There are additional miscellaneous taxes for gas, cigarettes, hotel, communication services, and document transfer (i.e. mortgages, deeds).