Simple Tax Secrets you should know!
- No State Income Tax: Florida doesn't tax personal income, saving residents money, especially retirees and remote workers.
- Homestead Exemption: Homeowners can reduce their property’s taxable value by up to $50,000, lowering annual property taxes.
- Save Our Homes Cap: Limits annual increases in the taxable value of your homestead property to 3% or the rate of inflation.
- Capital Gains Tax Exclusion: Excludes up to $250,000 ($500,000 for couples) in capital gains from the sale of your primary residence.
- Property Tax Portability: Allows homeowners to transfer their tax benefits (from the "Save Our Homes" cap) to a new property within Florida.
