FLORIDA IN TOP 5 OF MOST TAX FRIENDLY STATES IN THE COUNTRY

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BUSINESS OBSERVER

September 16, 2016

tax-time_0001Florida, not a big surprise, killed it in a recent comprehensive study on taxes.

Overall, Florida the Sunshine State is the third-most tax-friendly state in the country, according to the new report, from Kiplinger’s, a personal finance and business forecast firm and publisher.

Florida trails only Wyoming and Alaska on the top 10, and is ahead of Nevada and Arizona.

Kiplinger’s used information from state tax departments; the American Petroleum Institute; the Tax Foundation; the American Hotel & Lodging Association; and the Distilled Spirits Council of the United States to compile the report, according to a statement. While Florida is well known for not having a personal income tax, and the state also does without an inheritance or estate tax, there are other aspects of its tax structure that make it so friendly, the report shows.

Here’s some other data on Florida from the report.

Sales taxes
There’s a 2.9% state levy. Local governments can add up to 8%. The average combined rate is 7.52%, according to the tax foundation.

Wireless service
There’s a blanket 14.7% tax added to every wireless service bill.

Sin taxes
Cigarettes come with a $1.34 a pack levy, while cigars have no extra tax in Florida. All other tobacco products are taxed at 85% of the wholesale price. Alcohol is taxed at $0.48 per gallon of beer; $2.25 per gallon of wine; and $6.50 per gallon of liquor.

Vehicle taxes
A 6% state sales tax is due on the entire purchase price. 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.

Property taxes
Median property tax on Florida’s median home value of $162,700 is $1,631.

Motor fuel taxes
It’s 37 cents per gallon of gasoline, 34 cents per gallon of diesel.

Travel taxes
There is no statewide lodging tax, but many municipalities have a bed tax. A sales tax is also due on overnight stays. Rental cars have a sales tax and the state imposes a $2-per-day surcharge.

Oddball tax
Florida has exempted youth bicycle helmets, booster seats and other child restraint systems from a sales tax, in an effort to get parents to keep kids safer.

The 10 Most Tax-Friendly States:
1 Wyoming
2 Alaska
3 Florida
4 Nevada
5 Arizona
6 Louisiana
7 Alabama
8 South Dakota
9 Mississippi
10 Delaware

The 10 Least Tax-Friendly States
1 California
2 Hawaii
3 Connecticut
4 New York
5 New Jersey
6 Minnesota
7 Maine
8 Vermont
9 Illinois
10 Rhode Island
Source: Kiplinger’s

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