With tax day fast approaching, I thought this was an
appropriate email for today.
You've probably heard that Florida is considered one of the most tax friendly states, but this week AV Homes, the developer of 55+ communities Solivita (in
Kissimmee) and Vitalia at Tradition (in Port St. Lucie) sent what I thought was a great overview of the reasons why that is the case:
Income Tax There is no state
income tax in Florida. Many states including NY, NJ, DE, CT, and RI have over 6% tax on income.
Social Security Social Security Benefits are not Taxed
Other Retirement Income Florida does not tax Public Pensions, Private Pensions, IRAs, or 401(k)s.
Inheritance & Estate Taxes There is no Inheritance or Estate Tax in Florida. NJ has both Inheritance and Estate tax, while other states have Estate taxes like NY, CT, ME, DE and RI.
State Sales Tax A 6% state sales tax, and up to 2% can be levied locally. The average state sales tax rate is
6.8%.
Ready to stick it to the tax man once and for all?
