Understanding Florida Taxes | Marco Island Condos, Marco Island Real Estate, Marco Island Homes for Sale, Marco Island Luxury Homes

If you’re relocating to Marco Island, you should understand Florida’s state taxes. One of the great perks about living in Florida is that there is no state income tax. That doesn’t mean you’ll be free of all state taxes of course. So, here’s a little bit of information to familiarize you with Florida’s taxes.

Florida’s Sales tax

Florida imposed a six percent sales tax, but food, medicine and professional services are exempt from sales tax in Florida. You may find some counties impose additional sales taxes, but the Florida sales tax itself is six percent.

Intangible Personal Property Tax

Florida has a tax on intangible personal property like corporate bonds and stocks. You may want to check with your tax advisor to understand how that will affect you. CDs, annuities, IRA accounts and cash are exempt from the intangible tax in Florida along with some other personal property.

Tangible Personal Property Tax

Florida also taxes business personal property except real estate. The state will tax property that can be possessed manually if the value is in the item itself. Some vehicles are exempt. Also, inventory and household goods are exempt too. Learn more on the State’s webpage here. Tangible personal property. Here’s a list of people who may be responsible for filing a TPP return with the county appraiser:

Sole proprietors
Those in a partnership
People owning a corporation
Self-employed agents and contractors
Landlords

For more information, call the Florida Department of Revenue at (904) 487-4215.

$9,900,000

6 Bedrooms
8 Bathrooms
16,893 Sq Ft

970 CAPE MARCO DRIVE PH2506 Marco Island, Florida

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