Florida Tax

Florida State Tax

Florida Income Tax

Tax laws and structures vary across the United States. Some state tax rates are higher than others, while others may also collect certain taxes that are not required in another state. Upon comparison, Florida tax laws have several apparent advantages.

The favorable tax code in Florida makes it one of the most popular states for retirees and wage earners.  The state does not have personal income tax, inheritance tax, and gift tax. It also does not impose state taxes on intangible properties. Instead, the state obtains revenues from taxes obtained from corporations, services, sales, and other industries. These include sales tax, property tax, automobile tax, documentary stamp tax, and other regulatory taxes.

Florida Income Tax

Florida is one of the very few states that do not levy personal income tax. Sole proprietors do not have to file taxes for their business even though they still need to file their federal income tax returns. Meanwhile, corporations are required to file taxes for transactions carried out in the state.

Florida Sales and Use Tax

Florida collects 6% sales and use tax on retail, storage, and rental transactions. These include purchases from retail stores, private individuals, and online shops. Purchases outside the state are also levied with use tax within the first six months. Counties are likewise allowed to charge up to 2.5% surtax.

Florida Property Tax

The value of property tax depends on the value of a purchased property as assessed by the county appraiser. There are several exemptions available for property tax exemptions. Among these are homestead exemptions and exemptions for people with disability.