What taxes are lower in FL? How are taxes lower in FL?

Florida has a number of tax advantages that may make it an attractive place to live or do business. Some of the taxes that are lower in Florida include:

• Income tax: Florida does not have a state income tax, which means that residents of Florida do not have to pay state income tax on their wages, salaries, or other sources of income. This can result in a significant savings for individuals and businesses compared to states that do have a state income tax.
• Sales tax: Florida has a statewide sales tax rate of 6%, which is relatively low compared to some other states. In addition, many localities in Florida impose an additional local sales tax, which can vary from 1% to 2%. However, certain items, such as prescription drugs and some types of food, are generally exempt from sales tax in Florida.
• Property tax: Property tax rates in Florida vary by county and municipality, but they are generally lower than the national average. In addition, Florida has a number of property tax exemptions and credits that may be available to homeowners and businesses, including homestead exemptions and business property tax exemptions.

It’s important to note that while Florida may have lower taxes in some areas, it may also have higher taxes in other areas. For example, while Florida does not have a state income tax, it has relatively high property tax rates and a higher-than-average sales tax rate. It’s a good idea to consider the overall tax burden in Florida when deciding whether to move or do business in the state. Prominent Financial Consultants offers a range of services to help our clients succeed, and we would love the opportunity to discuss how we can help you. If you would like to schedule an appointment with us, please schedule a free 15 Minute Financial Clarity Call so that we can learn more about your needs and goals.