The following is a summary of the taxes levied by the State of Florida:

Inheritance, Gift and Estate taxes

There is no inheritance tax.
There is no gift tax.
The estate tax levied in Florida is called a "pick-up tax" because Florida accepts (or "picks up") the maximum state death tax credit from the Federal government. In effect, this means the Federal government shares a portion of its estate tax with the State of Florida at no additional cost to the decedent's estate. If no estate tax is due to the Department of Treasury, then no estate tax is due to the Florida Department of Revenue. Also, if the Florida-resident decedent owes estate taxes to another state, Florida will reduce the amount it "picks-up" by the amount payable to that other state.

Intangible personal property taxes

Intangible Personal Property Tax in Florida is a current year tax, which means payable in the same year. If you are a legal resident living in Florida on Jan. 1 of the tax year, you must file an intangibles tax return if your tax obligation is $60 (U.S. funds) or more. Some common examples of taxable intangible assets include stocks, bonds, certain money market funds, mutual funds, loans, notes, a portion of accounts receivable and limited partnership interests. Some examples of exempt assets include: money; franchises; and qualified IRAs, employee retirement plans and deferred compensation plan.
For returns due between Jan. 1, 2005, and June 30, 2005, individuals will pay no tax on the first $250,000 of assets subject to intangible tax; the level previously was $20,000. Couples filing jointly will pay no tax on the first $500,000 of assets, up from $40,000. Businesses will pay no tax on the first $250,000 of assets; previously, businesses received no exemption.
Residents who must pay intangible personal property taxes must file Form DR-601I (and possibly associated schedules) by June 30. However, the form(s) can be filed as early as Jan. 1 and discounts apply for early filers.

Property, or "ad valorem," taxation provides local government funding in Florida. The Property Tax Administration Program (PTA) administers the assessment and collection of taxes on more than 10.1 million parcels of real, personal and centrally assessed property worth over $1.39 trillion in 2003 (latest available figures). Overall, cities, counties, school districts and other taxing units collected nearly $20 billion in 2003. Florida's Ad Valorem Data Book provides a comprehensive look at the latest available property tax numbers across the state.
If you purchase a home in Florida, the tax on it is based on the just or fair market value of the property. Ad valorem taxes are assessed and collected annually by the county property appraiser.
A $25,000 homestead exemption is available to homeowners who meet certain requirements. The exemption is available for homeowners whose home is their primary residence.

Do You Have Questions? Use the Quick Contact Form below to send your question today.