No matter which continent or even country you live in, you will have to pay taxes. As it goes, every country has different types of taxes, at different rates. If you are moving to the Sunshine state, it goes without saying that you need to know everything about this new step in your life. This knowledge should include much more than which beaches to go to, and which nightclubs to visit. You also need to learn about the so-called important things, such as the job market and taxes. For everything that there is to know about the taxes in Florida, read on. We are about to impart some of our knowledge with you!
It is safe to say that a lot of you who are reading this article are pretty familiar with the concept of taxes. But, let`s for a second think about those who are not yet too familiar, and don`t know all the details. Every working person makes a certain sum of money, which the government calculates on a yearly basis. This sum we all make during a year is an income. For every income we make, the government takes a portion of it in order to pay for everything that the government does. Luckily, in a lot of countries, the tax rate is based on how much a person earns. Someone who works as a school janitor will not have to pay the same tax as the school principal. According to a lot of people, this type of division is only fair.
There are no income taxes in Florida
If you want to live in one of the seven U.S states that have no income taxes, you know what to do. Your next step should be hiring professionals that can help you relocate long distance. If you have to move across the state borders, your relocation classifies as a long-distance one. And, upon arriving in Florida, you will experience many changes. One of the most positive ones will be that no portion of your income will go to the government. Sounds like a dream come true, doesn`t it? However, don`t get your hopes up just yet and think that you will be completely tax-free. There are still different types of taxes in Florida every citizen must pay.
Property taxes in Florida
What the Sunshine state lacks in income taxes, it more than makes up with its property taxes. Although, the state itself does not collect any taxes. Every local government has different property tax rates, that are based on the size and the overall value of the property. Moreover, property taxes are how local governments can afford to keep functioning properly and keep all of those places to see in Miami and different cities up and running. Since property taxes present such a burden for the citizens in Florida, there are some exemptions.
- Disability Exemptions – if a person meets a few criteria, he or she can be exempted from paying property taxes in Florida.
- Exemptions for Senior Citizens
- Widow and Widower Exemptions
- Homestead Exemptions
- Veterans Exemptions
Beware: For every exemption listed in our article, certain requirements must be fulfilled. To find out if you classify for any, it is advisable that you do your research.
Unfortunately, property taxes are not the only ones you will have to pay. There are other types you may or may not know about.
Florida`s sales taxes
The first thing you need to know is that you do not have to pay a sales tax on everything. Medicine and groceries are two exceptions to this rule. The next thing you should know is that every county has different rates. The highest rate a county in Florida has set is 7.5%. Thus, paying attention when deciding which part of Florida to move to is important.
Use tax is not something to forget about
Who doesn`t like to spend hours surfing on the Internet, buying new things? However, if you buy goods that come out of state while living in Florida, you still need to pay state sales tax. You need to report any good, no matter how meaningless it might seem to you. Every citizen must be held accountable for the items he or she brought into the state.
Not all is lost…
…as there is some good news coming your way. Namely, the Reemployment Tax (which was formerly known as the Unemployment Tax) provides Florida`s citizens with a bit of security. If you were to lose a job due to something that was not your fault, you would receive a temporary income. Hence, you would be able to survive without a job until you got back on your feet. Everyone who has ever lost a job will be able to tell you how important this is.
Life in Florida comes with a lot of benefits
The fact that Florida is a state with no income taxes is just one thing that makes it so appealing. And, Florida has so much more than you may see right now. For example, top-notch education in Miami is something you will get after moving here. As a big, urban city, Miami has everything it takes for a quality, fulfilled life. Of course, for senior residents, places like Boca Raton and Palm Beach might be more suitable. With its amazing weather, mesmerizing beaches, and versatile entertainment venues, we are sure no one can resist moving to Florida.
Furthermore, now that you are an expert on taxes in Florida, your move here shouldn`t come as a difficult thing. Think of it as a new adventure, one that may seem scary at the moment, but that will bring a lot of positive changes in the near future. Good luck, and don`t be afraid to embark on this new path. After all, how many more relocations do you expect to go through?