Charlotte County is very popular with retirees, not just because of its year-round weather but because of the lack of a state income tax. Thanks to Florida's Legislature for getting rid of Florida's pesky intangibles tax on certain types of investment income in 2007. Sales taxes are not paid on food and prescription and nonprescription drugs. Real estate is taxed at 100% of assessed value. Permanent residents are entitled to a homestead exemption regardless of age.
STATE SALES TAX
State Sales tax is 6% (food and prescription and non-prescription drugs exempt). There is an additional county sales tax of 1% that makes the combined rate 7%.
EXEMPTIONS FOR RETIREMENT INCOME
NONE!! Individuals, married couples, personal representatives of estates and businesses are no longer required to file an annual intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts and unsecured notes. That can amount to a lot. Wow you get to keep what you have earned!!!
PROPERTY TAXES
Property is taxable at 100% of its just valuation. Permanent residents may also be entitled to a homestead exemption regardless of age. The senior citizen's homestead exemption applies only to tax millage levied by the county or city, and does not apply to millage of school districts or other taxing authorities. The homestead exemption for all residents applies to all property taxes, not just city and county taxes. Annual increases in the assessment of homestead property are limited to 3% of the prior year’s assessed value, or if lower, the percentage changes in the Consumer Price Index for the prior, as long as there was no change in ownership. A 2006 law provides a property tax discount on homestead property owned by eligible veterans. To be eligible, a veteran must have an honorable discharge from military service, be at least 65 years old, be partially disabled with a permanent service-connected disability, all or a portion of which must be combat-related, and must have been a Florida resident at the time of entering military service. This discount is in addition to any other exemptions veterans now receive. 100% Disabled veterans can receive a total exemption
Property Tax Exemptions List available in Charlotte County Property Appraiser
http://www.ccappraiser.com/exemption.asp#What
INHERITANCE AND ESTATE TAXES
There is no inheritance tax and only a limited estate tax.
To sum up Florida’s Tax Structure;
NO STATE INCOME TAX
NO TAX ON RETIREMENT INCOME (intangible personal property tax return reporting their stocks, bonds, mutual funds, money market funds, shares of business trusts and unsecured notes. That can amount to a lot. Wow you get to keep what you have earned!!!)
REASONABLE SALES TAX (food and prescription and non-prescription drugs
Exempt)
Property Tax (loaded with exemptions)
NO INHERITANCE AND ESTATE TAXES
If you live in California, New York, New Jersey or Massachusetts the difference is clear.
Oh, that’s good! My uncle is planning his retirement. He has always been a responsible citizen, paying all his taxes on time and carefully managing his money. He has always gone through the Risk Profiling process, in order to be on the safer side. I must share this post with him.
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