Florida Has a Tax Friendly Climate for Retirement

If you are thinking about retiring in the Orlando you will be happy to discover that Florida has a somewhat friendly tax climate for retirement. One reason is that Florida has no income tax. Another is the Save Our Homes Law, which protects homeowners from big fluctuations in their property taxes. For more information go to Florida Department of Revenue


 
 

Overall Tax Burden

Florida's state tax burden is quite low as compared to the rest of the U.S. - 47th overall according to The Tax Foundation. That organization estimates its total tax burden at 7.4% of income.

 
 

Income Tax

Florida has no income tax, the main reason why it is a tax-friendly state for retirement. FL used to have a tax on intangibles (stocks and other assets), but that has been abolished for individuals.

 
 

Pensions

Since there is no income tax the taxation of pensions and social security is a non-issue.

 
 

Property Tax

Florida property taxes are about average for the U.S. They are collected at both the state and local level. The Save Our Homes Law (also referred to as the Homestead Law) protects full time residents of the state from big fluctuations in their property taxes. If you qualify, your property tax cannot increase by more than either 3% of the assessed value or the percentage change in the Consumer Price Index. The Save Our Homes assessment difference can be transferred from one homestead parcel to another.

 
 

Sales Tax

Florida sales tax is 6%. Gasoline taxes are some of the highest in the nation.

 
 

Links

Orange County Tax Collector

 
 
 
   
   
   
 

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