Like every state that comprises the United States of America, Florida collects taxes from the American people as mandated by the federal government. These taxes include corporate tax, sales tax, estate tax, and property tax. Surprisingly however, Florida has no personal income tax. For now, this article will focus on one key tax that affects every person in Florida: the property tax.
So You May Ask, What Is Property Tax?
According to the The Economics Times, Property taxes are annual amounts paid by local land owners to the municipal or city government. These taxes deal with either an individual or a corporation’s property. Most properties are either residential houses, officers or other buildings. Property taxes are usually, but not always, local taxes.
In Florida’s case, it is calculated by the local governments instead of the state government itself, as they get most of their funding there. Rates do vary from county to county. According to Tax-Rates.org, the median property tax in Florida is 1,773 dollars per year. This is assuming that a house is worth 182,400 dollars on a median value. Counties across Florida then collect an average of 0.97% of a property’s assessed value as tax.
However, there are some exemptions in property taxes to help ease the financial burdens of Floridian residents. Here are as follows:
Military veterans from Florida can avail for tax exemptions, depending on their age and circumstances.
- Any service member of the United States Armed Forces who were deployed during the last financial calendar year can avail for exemptions depending on their percentage of the year they were deployed.
- Each veteran who is officially documented as disabled by at least 10% in service or military events can earn 5,000 dollars’ worth of additional exemption in any property.
- Honorably discharged veterans with permanent disabilities or with a required wheelchair for mobility can be exempted from property taxes. In numerous cases, such benefits are transferable to any surviving spouse of a military veteran. Honorably discharged veterans with disabilities by 65 years old AND a resident of Florida upon entering military service can avail for an additional tax exemption. With a guarantee that the disability is permanent and acquired through the years of military service, this exemption is granted based on the severity of the disability.
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Blind Person Exemptions
Any resident of Florida who is legally blind can avail up to 500 dollars’ worth of tax exemptions.
Senior Citizen Exemptions
Available for residents from 65 years old and above, these exemptions vary and are available in certain cities and counties only. For instance, a senior citizen can have a tax exemption of 50,000 dollars when their gross income has been below 20,000 dollars, with adjusted inflation.
500 dollars can be granted for each widow and widower who have not yet re-married. Divorcees by the time of their ex-spouses’ deaths could not avail this tax exemption.
Total and Permanent Disability Exemptions
Homeowners within Florida with permanent disabilities can apply for this tax exemption. Quadriplegics with properties are granted total exemption, while those who require a wheelchair for mobility or are legally blind can be granted partial exemptions. This case is further strengthened if their gross income is below 14,500 dollars, with adjusted inflation.