Tax Advantages
(Published on - 1/24/2020 4:57:40 PM)
Tax Advantages for Florida Residency
Florida is one of the top retirement destinations in the world. With its wonderful climate, golf courses, miles of beaches, and many other attractions, it also has some very attractive tax advantages. Below are five advantages worth your attention:
- No Income Tax - Florida is one of the few states that do not have a state income tax. It is also in the Florida Constitution that municipalities and counties can not levy income taxes either. This means more take home pay for you.
- No Death Tax or Estate Tax - The Florida Constitution also bans estate and inheritance tax.
- Homestead Law - This protects the homeowner from loosing their home to a creditor or lien holder except for mortgage companies. Your home would be safe if bankruptucy occurs.
- "Save our Home Act" - This is an exemption for Floridian's primary residence. Qualified property will receive an exemption of $50,000 of the accessed property value, also assessed value can not increase more than 3% in any given year.
- Tenancies by Entirety - Joint ownership for married couples only, This establishes equal ownership, control, and equal interest of said property. Couple must be married at time of occurance.
These tax advantages are great, but it takes more than buying property to establish residency in Florida. You can get a Florida's drivers license, register to vote,and file for homestead exemption are a good place to start.
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