Florida Tax Law Advantages Over Other States (Part 2)

Florida tax laws give residents several advantages over tax laws of other states. 

Here are some of them (Continued):

5. Florida Real Estate Taxes.  Real estate taxes are assessed as of Jan. 1 each year, but are not payable until the following Nov. 1.  Taxes are assessed on a calendar year basis.  Taxes for any year become delinquent if not paid by April 1 of the next year.

The state imposes no tax on real estate; such taxes usually are imposed by the county and by municipalities.  County and city taxes are included in one bill, which is sent by the county tax collector.

6. Florida Real Estate Tax Homestead Exemption.  In 1934, during tough economic times, Florida amended its Constitution to provide that homesteads would be exempt from taxation up to $5,000.  The homestead exemption has since increased to $25,000.

Any tangible personal property used for the production of income, such as furniture and furnishings in an office or rental apartment, however, are taxable.  A tax return covering such items must be filled no later than April 1 of each year, and a 10 percent penalty is assessed for failure to file the return.

7. Florida Tangible Personal Property Tax.  The Florida legislature has exempted from taxation all household furnishings, clothing and other items.

8. Florida Intangible Tax.   Florida has an intangible tax on stocks, bonds and other securities.  The tax is $1 per thousand dollars of valuation on stocks and bonds.  In 1974, the Legislature provided a $20,000 exemption.  Married couples have a joint exemption of $40,000.

Intangible consist of variety of items including personal loans, notes, and accounts receivable.


If you or a loved one needs help with a situation involving one of these areas, please contact Thomas N. Silverman, P.A. at 561.775.7500 (24 hours) or info@FloridaProbateCounsel.com.

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