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Carriage Hills Realty, Inc.
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(800) 874-8929
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Carriage Hills Realty, Inc.
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(800) 874-8929
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TAXES
Florida does not impose a state income tax or gift tax. The state also does not levy an inheritance tax except that part of the Federal tax returned to the state by the federal government.
SALES TAX
Local sales tax totals 7%. Florida has a 6% sales tax with food and medicine being exempt and Okaloosa County adds an additional 1% sales tax.
TANGIBLE TAX
Florida's tangible tax is applied to business personal property and includes everything used in a business except the real estate. All firms, corporations and individuals who lease, manage or have control of any tangible personal property are required to file a return before April 1 of each year. A penalty of ten percent is assessed for failure to file a return.
INTANGIBLE TAX
Florida has an intangible tax on stocks, bonds and other securities at a rate of one mill, or $1.00 per thousand dollars of valuation. This tax is assessed on the value of your assets beginning January 1 of each year. If the value of your stocks and bonds is not more than $20,000 ($40,000 for a husband and wife filing a joint return), on January 1, you do not have to pay any tax for that year. The tax is delinquent if not paid by July 1, and returns must be filed by June 30. Mail your payment directly to the Florida Department of Revenue, Carlton Building, Tallahassee, Florida 32304.
COUNTY PROPERTY (AD VALOREM) TAX
County taxes on real estate are based on 100 percent of assessed value (not market value) of the property. The millage rate for each portion of the tax dollar paid to the county, schools and northwest Florida Water Management is set annually by each taxing authority in the county and is due for payment yearly.
HOMESTEAD EXEMPTIONS
In Florida, $25,000 of the assessed value of your home is exempt from real estate taxes, but you have to meet certain requirements to be eligible for the exemption. First, you must have the title or record to your property as of January 1 and reside on this property. You have to be a legal and permanent resident of Florida as of January 1, and you must make application of the exemption with the county property appraiser between January 1 and March 1. When applying for the exemption status, bring along a copy of your deed and a Florida county voter registration, driver's license of Declaration of Domicile. New applications must be made in the appraiser's office, but renewals may be made by mail.