Florida makes Kiplinger’s top 10 list of Most Tax-Friendly States
Kiplinger released it’s highly anticipated rankings of best and worst states for taxes. Florida came in at #4 with South Dakota, Alaska and Wyoming on top.
This is good reinforcement for those not only looking to move to Florida, but to invest here as well.
The Sunshine State is well known for its absence of a state income, and its property taxes are below the midpoint for the U.S. Sales taxes are on the high side.
State income tax: None
Average state and local sales tax: 6.80%
Gas taxes and fees: 37 cents per gallon
Florida has no income tax, and its property taxes are below the midpoint for the U.S. The property tax on Florida’s median home value of $159,000 is $1,686.
Average combined state and local sales taxes are about average for the U.S., although in some counties the combined rate is as high as 8%. (Food and prescription and nonprescription drugs are exempt.)
Vehicles are taxed at the state’s 6% sales tax rate, but a county sales tax (based on where the buyer lives) is due on the first $5,000 of the purchase price or on each lease payment.