Florida Taxes
 

I read that Florida abolished the annual intangibles tax in January 2007. With no state income tax, how is the difference made up by the State? Has there been a big jump in property taxes?

Bob S:

That's right, the intangibles tax was abolished. Partly, I think, because it generated really minimal amounts.

I haven't seen any significant increase in Real Estate taxes. Indeed, they decreased slightly for homesteaders (those who own a principal home in the state) because an additional $25,000 exemption was voted in.

Sales taxes apply to all non-food items. (Restaurant food, though, is charged the tax). In Sumter County, we pay 7%. I believe that's actually 6% state, 1% county.

There's talk of charging the sales tax on everything. There's talk of increasing the tax on cigarettes to over $1 a pack - it has been exceptionally low. I've heard rumblings that they might even institute an income tax, but I doubt that the politicians are that eager to slit their own throats!

SWR

Thanks SWR,

You made me feel better about retiring to Florida. It sure beats upstate NY where we are taxed to death - 8.75% sales tax, a state income tax, and property taxes more than double what I would pay in The Villages. The only good news in NY is that my wife's teacher pension and our future social security payments are exempt from state income taxes (at least for now).

The Florida Constitution, Article VII, Section 5 prohibits a personal income tax. It would require a constitutional amendment (which requires 3/5ths of the FL House and Senate vote per Article XI) to impose a personal income tax. How many state representatives and senators do you think will want to risk re-election by voting for a personal income tax?

taxes
 

in Florida, they reassess each year, so as the housing prices have dropped, many of our real estate taxes have also dropped for recent buyers.

max increase currently 3% a year... New tax reduction is causing problems with the budget.. so beware of Assessments.. they get you one way or another