Nearly 900 people move to Florida per day. Many choose to come down South for the cost of living, the competitive real estate prices, the employment opportunities, and the weather. From retirees to young professionals, as the fourth largest economy in the United States, there’s something for everyone in the Sunshine State. Florida might be known for its sunshine and palm trees but living here has more benefits than the beautiful climate and nature. If you’re considering moving to Florida, there’s a lot to learn. Below is some important Florida tax information that you need to know:
State Income Tax
Florida is one of seven states with no income tax. This means that the state government does not collect an individual state income tax, giving residents more to use out of their paychecks. For retirees, Social Security retirement benefits, pension income and income from IRAs or a 401(k) are also untaxed at a state level. Florida also doesn’t have a state estate tax or state inheritance tax, helping surviving relatives worry less about finances after a difficult loss.
If you invest in a Florida home and make it your permanent residence or the permanent residence of your dependent, you may be eligible to receive a homestead exemption that would decrease your property’s taxable value by as much as $50,000. Additional Florida property tax benefits are available to owners with disabilities, low-income senior citizens, veterans and active duty military service members, disabled first responders, and properties with specialized uses.
In 1992, Florida passed the “Save Our Homes” Constitutional Amendment that caps the annual increase in assessed value of property that has a homestead exemption. An increase cannot exceed either 3% or the change in the Consumer Price Index for the previous year, whichever amount is less.
Moving to Florida can be an ideal financial choice. With its attractive tax incentives and low cost of living, Florida is a great place to call home. If you’re ready to look for real estate in Florida, visit our website to learn more about brand-new homes in upscale WCI communities throughout Tampa Bay.
Visit Lennar.com or see a Lennar New Home Consultant for further details and disclaimers. This is not an offer in states where prior registration is required. Void where prohibited by law. Copyright © 2019 Lennar Corporation. Lennar and the Lennar logo are U.S. registered service marks or service marks of Lennar Corporation and/or its subsidiaries. Date 04/19