Many people head to Florida to retire and ask, “Does Florida still have an Intangibles Tax?” If you’re considering relocating to Florida, the answer will please you.
No. Florida repealed its Intangibles Tax in 2007. Once upon a time, Floridians were taxed on intangible property like mutual and money market funds and stocks. Our residents were also taxed on any accounts receivable not secured by real property. After working all their lives and planning for retirement, it usually just meant a hassle. See, many people would avoid paying the intangibles tax by FLINTs (Florida intangible tax trusts) and FLITEs (Florida intangible tax-exempt trusts). These trusts would hold personal property for them and they could get around what came to be considered a “voluntary” tax. People called it that because you could create an irrevocable trust to work around it. It was a hassle, but worth it usually. Now, Floridians who have planned well and created a safe amount of wealth for their retirements avoid the intangibles tax altogether.
In 2007, the intangibles property tax in Florida was virtually eliminated. Only a few exceptions remained. For example, some remnants exist. Like, if you lend money via liens or mortgages on real estate property, you must pay a nonrecurring intangible tax on those. Also, renters who rent from a government organization still pay an annual governmental leasehold intangible tax.
So, come on down! Keep your hard-earned wealth and enjoy the sandy beaches of Marco Island!
Are You Buying a Home on Marco Island?
Considering buying a home on Marco Island? We’d love to help you find one that’s just right for your needs.
First, check out available Marco Island area properties using this helpful search tool. If it’s easier, you can just call us at 239-821-7926 or get in touch with us online to let us know what you’re looking for. We’re happy to contact you however you prefer. Then, we’ll start searching our databases right away using criteria you specify!
In the meantime, you can also easily explore Marco Island real estate by price:
- Marco Island homes for sale from $100k to $200k
- Marco Island homes for sale from $200k to $300k
- Marco Island homes for sale from $300k to $400k
- Marco Island homes for sale from $400k to $500k
- Marco Island homes for sale from $500k to $600k
- Marco Island homes for sale from $600k to $700k
- Marco Island homes for sale from $700k to $800k
- Marco Island homes for sale from $800k to $900k
- Marco Island homes for sale from $900k to $1 million
- Marco Island homes for sale over $1 million