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Florida Taxes 2014

Florida Personal Income Tax

Florida is one of the few states in the US where there is no income tax to be paid by individuals.

Florida Sales Tax

According to the Florida tax guide, sales tax is charged at 6 percent on sales.  Counties can levy their own additional taxes on sales.  This may range from 0.25 to 2.5 per cent.  This is imposed on the first $5000 of purchase.  In the case of mobile homes and vehicles, the additional tax or the surtax rate depends on the county where vehicle registration takes place.

Florida Real Estate and Personal Property Tax

Since there is no personal income tax, taxes collected on real estate and personal property fund the Florida government’s activities.  The tax program is referred to the Property Tax Administration Program or the PTA and is responsible for conducting the assessment of property as well as collecting taxes.  This is an ad valorem tax based on the value of the property, that is, market value.  The assessment and collection is done on an annual basis.

There is a book called the Property Valuations and Tax Data book which lists the latest property tax rules of Florida.

According to the Florida tax guide, there are certain exemptions for real property taxes.  For instance, a property which is a resident’s primary place of residence is allowed a $50,000 exemption.

Those who own tangible personal property have to file a return.  But tax is applicable only for the value above $25,000.

Every county has a property appraiser who can be approached for creating any doubts and sorting out issues.

There is no tax on intangible property like shares, bonds and mutual funds.

Florida Inheritance and Estate Tax

According to the Florida tax guide, there is no inheritance tax and estate tax is based on the federal law.  Accordingly, there is no tax on the estates of people who died on or after January 1, 2005.

Where to Mail FEDERAL IRS Tax Forms within Florida:

IRS Form If you ARE NOT enclosing a payment, use this address: If you ARE enclosing payment, use this address:
1040: Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0002
Internal Revenue Service
P.O. Box 1214
Charlotte, NC 28201-1214
1040A: Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0015
Internal Revenue Service
P.O. Box 1214
Charlotte, NC 28201-1214
1040EZ: Department of the Treasury
Internal Revenue Service
Austin, TX 73301-0014
Internal Revenue Service
P.O. Box 1214
Charlotte, NC 28201-1214

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