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
For more information, call the Florida Department of Revenue at (904) 487-4215.
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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
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- Marco Island homes for sale over $1 million