You think Florida is too expensive? NOT!
We often hear people complaining about Florida's high property tax rates. However, an objective look at Florida's state and local taxes confirms that overall we have a relatively low tax burden. Below are some interesting facts about Florida's taxes:
1. A recent U.S. Census survey found that Florida's property tax burden was only the 22ndth highest in the Country, while many of our feeder markets dominated the list of the top ten highest property tax states. (1. New Jersey, 2. New Hampshire, 3. Connecticut, 4. New York, 5. Massachusetts, 6. Rhode Island, 7. Illinois, 8. Vermont, 9. Wisconsin, 10. California). Note: This survey was completed prior to the passage of Florida Tax Reform Amendment 1, which is generally expected to reduce Florida's property taxes.
2. A recent study of state and local tax burdens of the fifty states examined their sales, income, gasoline, property, and cigarette taxes and found that Florida's state and local tax burden was only the 39th highest in the Country. (MSN Money)
3. Florida is one of 7 states that does not assess a state income tax. (The other 6 states are Alaska, Nevada, South Dakota, Texas, Washington, and Wyoming).
4. Many states have increased their estate tax rates over the past several years, while Florida does not have an estate tax.
5. A recent study found that Florida had the 5th best business tax climate in the Country, based upon corporate, sales, individual income, unemployment insurance, and property taxes. (The Tax Foundation)