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Florida State
Tax Guide
One of the most tax-friendly states for retirees and older workers is Florida. Residents can enjoy tax-free retirement
benefits and pensions, as well as no state taxes on Social Security or investment income, since it is one of just seven states
that do not levy personal income taxes. Additionally, Florida does not impose an estate or inheritance tax.
Florida Taxes
Did you know Florida is one of only seven states that does not tax individual wage income? Florida does not impose personal
income, inheritance, gift taxes, or intangible personal property taxes. However, there are other taxes and fees that Florida
residents may be required to pay.
If you purchase a home in Florida, you will pay ad valorem or “property” tax based on the taxable value of the property.
Ad valorem taxes are assessed by the county appraiser and collected annually by the county tax collector’s office. Also,
a $25,000 homestead exemption and cap on assessed value is available to homeowners who meet certain requirements.
Visit the Florida Department of Revenue at http://floridarevenue.com/taxes for more tax information.
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