Florida State and Federal Income Taxes

[Allison]

Why would you think the federal government would exempt residents of a specific state from income taxes? Just curious if you heard this from somewhere, someone gave you bad advice, or what.

 

[barkley]

In most states that do not have an income tax they make up the revenue through property taxes. A few places are able to balance that somewhat with revenue generated by tourism but it is fairly rare. If we still lived in Colorado, with property and state income tax, we would be paying just over half of what we pay in Texas without state income tax and a very large amount of property tax.

I am thankful for where I live-my sales tax rate is only 1% more than I paid in California, while my home/property are almost identical in assessed value to my California home I pay about 50% less in property taxes-and NO STATE INCOME TAX

op-get tax advice from a cpa in florida. on the issue of federal pensions it's especially important to get expert advise b/c depending on the circumstances of the pension (job related disability in particular), and the division of the federal government the retiree was under-portions can be exempted from federal taxation (but these are very specific and limited situations). there are also situations where, depending on the retiree's age at retirement (generally with a disability)-the income is still deemed 'earned income' for tax purposes.

 

[beavismom]

I am thankful for where I live-my sales tax rate is only 1% more than I paid in California, while my home/property are almost identical in assessed value to my California home I pay about 50% less in property taxes-and NO STATE INCOME TAX

Yeah, California and some of the northeastern states are exceptions with having state income tax and crazy property taxes. It just drives me crazy when other Texans say "at least we don't have state income tax" because our property taxes more than make up for it.

 

[barkley]

Yeah, California and some of the northeastern states are exceptions with having state income tax and crazy property taxes. It just drives me crazy when other Texans say "at least we don't have state income tax" because our property taxes more than make up for it.

California was a mixed bag-we were lucky in that we bought when prices were low so the valuation had to permanently remain around our purchase price vs. when it tripled in value, but then the tax rates kept climbing. the people who bought it from us were paying 3x our tax bill, but they lost it to foreclosure, and the people who purchased it at public auction for 15% of what we sold it for (43% of the 1999 new construction price) are paying about what we did.

people here complain about property taxes and we're like we pay less per year than what I see some post on the boards as their monthly installment-and over the course of 7 years we've gotten decreases, something I never experienced in California.

 

[Flamingeaux]

You could live in any state if you one of 50% of the people that pay no federal income taxes.

 

[skylizard]

Seems to be a LOT of misinformation about FL taxes

Very LOW property taxes not high

Not entirely true. It depends on what part of Florida. My MIL lives in a coastal town and her property taxes are 4x what mine are. And her property insurance is through the roof.

 

[Luvchefmic]

Not entirely true. It depends on what part of Florida. My MIL lives in a coastal town and her property taxes are 4x what mine are. And her property insurance is through the roof.

Yes I thought about that. It varies everywhere in every state and coastal would be higher.

I should have been a little more specific. I made a general statement just like the person who said it was very high here. Coming from Long Island NY to Polk County FL is a HUGE savings on everything.

 

[Luvchefmic]

Even I would move there if that was the case!!

So help me Robin, as a former Brooklyn girl myself, I will hunt you down and get all street crazy with you if you don't stop ragging on FL. I've seen you in the past refer to Floriduh.... GA my friend is STILL the south and you and I are still the damn Yankees always will be.

 

[Jedana]

So help me Robin, as a former Brooklyn girl myself, I will hunt you down and get all street crazy with you if you don't stop ragging on FL. I've seen you in the past refer to Floriduh.... GA my friend is STILL the south and you and I are still the damn Yankees always will be.

Why does Florida not float away?




Georgia sucks!


(Sorry, couldn't resist. My DH is a Georgia boy, born and bred. Love to tease him about his southern roots.... He calls me a big city hillbillly, and he's my small town redneck...)


Anyways, OP, we pay Federal taxes here in FL. If not, we'd be sinking in the ocean with the amount of people that would be here!

 

[Luvchefmic]

Jedana That was awesome

 

[Hrhpd]

Legitimate residents of Puerto Rico don't have to pay federal income taxes on income received from sources in PR. I think there are other US territories with similar taxation. However, it's not as if people are beating a path to live in Puerto Rico.

apples to oranges

I would venture to guess that most people see a big difference in a US territory in the Caribbean and a state located on the continental US.

 

[Robinrs]

So help me Robin, as a former Brooklyn girl myself, I will hunt you down and get all street crazy with you if you don't stop ragging on FL. I've seen you in the past refer to Floriduh.... GA my friend is STILL the south and you and I are still the damn Yankees always will be.

Never said Floriduh but it is CATCHY!

Listen, I used to LOVE Florida. I visited 8 times a year and even worked with a real estate agent there. Then the Casey Anthony, Trayvon Martin and Michael Dunn cases happened. It made me realize that maybe when I leave Georgia I should go ELSEWHERE.

My opinion, no one elses, I'm allowed to have one, don't I?

 

[AndreaDM]

I've never lived in FL, but my BFF did and one thing she mentioned was things like marriage licenses, fishing licenses, car registrations, etc. being much higher than they had been in Ohio. They have to make up that revenue from somewhere if it doesn't come from state taxes. I'm sure this varies by county, but I know where she lived they were more costly than here.

 

[Andtototoo]

also if you are thinking of buying there-VERY high property tax(because no state tax)

If you think FL property taxes are high, you should see my tax bill! I've been comparing same size/age/condition property in the Gulf Coast area of Florida with my current house. Not one single tax bill is even close to mine. Most of them are 1/3 of my bill. My house insurance is also high because most of our town flooded a few years ago and tornadoes are not uncommon.

 

[TifffanyD]

So help me Robin, as a former Brooklyn girl myself, I will hunt you down and get all street crazy with you if you don't stop ragging on FL. I've seen you in the past refer to Floriduh.... GA my friend is STILL the south and you and I are still the damn Yankees always will be.

 

[Robinrs]

I'd like to see her try....

 

[Claire&TheBoys]

We live in Northwest Florida - in a coastal county, but we don't live right on the water.

We pay federal income tax of course. No state income tax.

Property tax: we have a 2700 sf brick home with a 400 sf "Florida room," valued at probably $270k. Taxes run $2200 +/- per year. Insurance is about $1900/yr. We're within a half mile of an inlet and probably 2 miles or less from a bay. Not a flood zone, though.

Sales tax: Local is 7.5% with part of that exclusively for schools.

Car registration: my van is about $75/year. In Florida, it's based on the weight of the vehicle, so my husband's newer sedan registration is less than mine.

I think our food costs are probably higher than some other areas of the country because it's further to transport it. A gallon of milk is $4.09 and rarely goes on sale. Ground chuck is about $4.50/lb. Bacon is $4-5/lb on sale.

But, I love the weather (I hate being cold) and the year-round sunshine. My husband works for the government, plus is in the Army Reserves and I work p/t for a CPA. Altogether our income is upper 5 figures and we live comfortably.

 

[bcla]

California was a mixed bag-we were lucky in that we bought when prices were low so the valuation had to permanently remain around our purchase price vs. when it tripled in value, but then the tax rates kept climbing. the people who bought it from us were paying 3x our tax bill, but they lost it to foreclosure, and the people who purchased it at public auction for 15% of what we sold it for (43% of the 1999 new construction price) are paying about what we did.

people here complain about property taxes and we're like we pay less per year than what I see some post on the boards as their monthly installment-and over the course of 7 years we've gotten decreases, something I never experienced in California.

We bought our house from the original owner who moved in during the late 40s. The assessed value was listed as from the early 70s, but with small standard annual increases. The first property tax bill we got was cheap. The ad valorem tax was actually less than the special assessments. Then we got the supplemental bill (to cover the difference with the new assessed value) and we nearly keeled over from a heart attack.

 

[Luvchefmic]

Never said Floriduh but it is CATCHY!

Listen, I used to LOVE Florida. I visited 8 times a year and even worked with a real estate agent there. Then the Casey Anthony, Trayvon Martin and Michael Dunn cases happened. It made me realize that maybe when I leave Georgia I should go ELSEWHERE.

My opinion, no one elses, I'm allowed to have one, don't I?

I'd like to see her try....

When I am wrong I admit it. You never did use the term FloriDUH.... I stand corrected. No throw downs here.

 

[SamRoc]

We owned a home in Kissimmee for 6 years and our property taxes were very high, so we sold it last August. then we had to add on the masters and manors association dues so that was enough for us.