Taxes in Florida
The Florida state constitution prohibits personal income taxes, limits
estate taxes, provides a $25,000 homestead exemption, and makes Florida
a "right-to-work" state. The State
of Florida collects a retail sales tax that usually ranges from 6-7%,
though no taxes are collected on food or medicine. For more details on
tax advantages in Florida and Tampa, see the Tampa
Bay Partnership.
Property
Taxes
Florida has a $25,000 homestead exemption on property taxes for primary
residences, and an annual cap on property valuation increases. Local
property taxes generally range from 2,000 to 2,500 per $100,000, depending
on the city and county. To lean more on property taxes, see the Hillsborough
County Tax Collector, the Pasco
County Tax Collector and Pinellas
County Tax Collector. To determine your property taxes, subtract
25,000 from the assessed value and multiply by the tax rate.
Home
Owner Associations
Like many other states, The State of Florida has long recognized Home
Owner Associations (HOAs) as a special type of not-for-profit corporation.
HOAs are adequate to address issues such as enforcing deed restrictions.
When it comes to financing major capital improvements, however, HOAs
do not have a broad powers. HOA fees often range from $100-2000. The
amounts listed are per year. HOA dues vary widely. Most planned communities
have a pool, tennis courts, park etc; and many are gated, some with guards.
CDD
- Community Development District
Florida law provided for the establishment of community development districts
(or CDDs), to pay for costly, up-front infrastructure needs. A CDD can
obtain infrastructure financing through utilizing tax exempt district
bonds. These bonds are repaid, usually over a 20 year period, through
an annual property tax assessment.
CDDs are empowered to finance, build, operate
and manage infrastructure and recreational facilities.
CDDs are often used by master planned communities
to build roads, water management, waste/sewer,
schools, conservation areas, streetlights, bridges,
parks, swimming pools, golf courses, security etc.
Click here to search the State of Florida database
of Special
Districts. There are currently over seventy
active CDD's in Florida, including some of these
listed below:
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