With April 15th fast-approaching, Americans across the country are thinking about taxes. For one state, the thought might not be so troublesome. According to recent reports, Florida taxes are among the lowest in the country.
Florida taxes are the 9th lowest in the United States according to WalletHub’s annual taxpayer survey. The state ranks 1st in terms of lowest state income tax burden (Florida has no state income tax), 1st for lowest vehicle property taxes, and has a slightly above average real estate tax.
Sales and excise tax is among the highest at 44th. However, states with no income tax tend to have higher taxes in these areas to make up for the loss of state revenue. Overall, WalletHub ranked Florida as 9th in the nation for overall state and local tax burden.
It’s no surprise that residents of high-income states often choose Florida as their new home. Taxpayers in Connecticut, Vermont, New York, and even as far as California are eyeing The Sunshine States favorable tax circumstances.
Florida has always been seen as a haven for taxpayers. With the new federal tax laws set to take effect, the appeal has only grown. Real estate is booming in Florida as residents from other states are heading to Florida in search of a better deal.
Is the Florida Life For You?
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