Intangible Tax

[ChattanoogaTn]

Once again I appreciate all the help and responses I get to helping me decide what to do. I am trying to decide if the "Homestead" exemption can be worked if I live in The Villages 6 months and ( 1 ) one day and hopefully that will quality me for tax break. I can get Fla tags and license and I believe you use to have to pay "property tax" on each vehicle when you get tags as you don't have to in Tenn but have to pay a one time Sales Tax. Also in Tenn you have a "State" Income (Dividends / Cap gains) tax as in Fla I have heard thay have done away with the "Intangable Tax" and was wondering if that is true and if you still have to pay tax on all Stocks, Bonds, Annuitys? etc.??

Just trying to make what little I have left, after the Market has all but destroyed me, last me. Trying to see if there are any "Tennessee" transplants that can tell me if it's better to make "Fla" my "permanent" home at least until I sell my house here in Tenn.

Again I very much appreciate all the help and advice as my Golden years are changing color with my assets slowly decreasing but I refuse to "wait" until I'm in the ground for this "market" to turn around. Just need someone to help in any advice you might consider. :shrug:

Thanks again and hope I will make the right move as a penny saved is penny earned. You Villagers are a great group of people

[chuckinca]

This was copies fromn the "Nuts and Bolts of the Villages" topic on the bottom of the Talk of the Villages forums page:

"LICENSES AND REGISTRATION

Florida Drivers License
As mentioned above, be sure to bring your birth certificates and other ID with you. You will need them to get a Florida driver's licenses* As of October 1, 2008, you must present proof of Social Security number (for example, a Social Security card or any of the following documents showing your Social Security number: tax return, W-2 form, property tax statement, pay check, DD-214, school record).

You will get a vision test when you transfer your driver's license to Florida. You will not be able to keep your old driver's license except as noted in the next paragraph. This site has all you need to know about getting a Florida Driver's license and registering your automobiles in Florida. http://www.hsmv.state.fl.us/ Look under Tags and Titles and New to Florida.

Apparently, you can keep your out of state driver's license if you request a "Florida Only" driver's license. If you are a snowbird and leave a car in Florida, that car needs Florida registration which needs Florida auto insurance which needs a Florida driver's License (the insurance carrier will issue a policy with the proviso that you send them a copy of your Florida driver's license within 90 days or they cancel the policy - you need proof of insurance to get registration but you don't need a Florida driver's license to get registration). Get the "Florida Only" driver's licenses to meet these requirements.

If you have the correct documents the process is quick at the DMV office and you walk out with the driver's license. The "Florida Only" driver's license has "For Florida Use Only" is in small print on the back of the license.

Florida Automobile Registration.* You will need your automobile titles. If you are still buying your car, bring the name and address of the car loan place and the account number. You will have to have proof of Florida car insurance before you can change titles and get tags. I stayed with my original company but they had to write me a new policy and cancel the New Jersey one. This site has all you need to know about getting a Florida Driver's license and registering your automobiles in Florida. http://www.hsmv.state.fl.us/* Look under Tags and Titles and New to Florida."

I believe the charge from DMV for title transfer is $100 and I forget what I had to pay for the plates but I don't think is was too outlandish (but I was paying on an older car that I leave in TV)

.

[Carla B]

Can't help you compare Florida with Tennessee, but Florida abolished the intangible tax several years ago under Jeb Bush's administration and there is no state income tax.

As for the homestead exemption, I have a booklet from a county appraiser that says a person is eligible if he has legal title to real property in the State of Florida and resides thereon and in good faith and make it your permanent residence as of January 1 each year. You have to disclose your social security #s when applying so maybe they have a way to track residency.