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TAX INFORMATION

By:Kelly Gilbert Brewer, Sunbelt Title Agency

We often hear people complaining about Florida’s high property tax rates. However, an objective look at Florida’s state and local taxes confirms that overall we have a relatively low tax burden. Below are some interesting facts about Florida’s taxes:

1. A recent U.S. Census survey found that Florida’s property tax burden was only the 22ndth highest in the Country, while many of our feeder markets dominated the list of the top ten highest property tax states. (1. New Jersey, 2. New Hampshire, 3. Connecticut, 4. New York, 5. Massachusetts, 6. Rhode Island, 7. Illinois, 8. Vermont, 9. Wisconsin, 10. California). Note: This survey was completed prior to the passage of Florida Tax Reform Amendment 1, which is generally expected to reduce Florida’s property taxes.

2. A recent study of state and local tax burdens of the fifty states examined their sales, income, gasoline, property, and cigarette taxes and found that Florida’s state and local tax burden was only the 39th highest in the Country. (MSN Money)

3. Florida is one of 7 states that does not assess a state income tax. (The other 6 states are Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming).

4. Many states have increased their estate tax rates over the past several years, while Florida does not have an estate tax.

All in all Florida leaves you more money to enjoy all that Florida has to offer !