The State of Florida has a breakdown of taxes residents can expect to pay here.
Own Lower Taxes. Own EPOCH.
Tax Advantaged Living
- Florida has no individual state income tax (1 of only 7 states in the U.S.) and no change is expected, as it’s in the State’s Constitution
- There is no state estate tax, no inheritance tax and no state gift tax; meaning you can build your legacy and grow your wealth in Florida.
- Florida provides generous homestead laws for property owners, allowing a deduction of the first $50,000 of the property value of a primary residence. Plus, Florida limits assessedproperty value to no more than 3% in any given year.
- There are very favorable asset protection laws to Florida residents on their primary residence.
- Florida provides a sales tax paid deduction in lieu of a state income tax deduction; however, the new law specifies that the tax deduction is subject to $10,000 limitation.
Becoming a Florida Resident
To enjoy the tax and other benefits offered to Florida residents, establishing residency requires more than simply owning a home in Florida. State of residency often includes convincing your former home state to recognize your status as a Florida resident. County property appraisers will consider a number of relevant factors to determine your intent to establish a permanent residence in Florida, including:
- Obtaining a Florida driver’s license
- Registering to vote
- Filing a Declaration of Domicile with the county Clerk of Courts
- Filing for the Homestead Exemption
- Filing your tax returns using a Florida address
- Declaring Florida as your state of legal residence in your will
- Renting a safe deposit box in Florida
- Using your Florida address for your passport
- Notifying the Social Security Administration of your address change
- Registering your insurance under your Florida address
- Registering your vehicle and tag, as required, once you become a resident
- Making Florida the place of your children’s school and/or your place of employment
- Having the location of bank statements and checking accounts registered in Florida
- Focusing your major affairs and relationships in Florida