One of the many perks of living in Florida, and one that brings people to South Florida to invest in real estate, is the favorable state tax laws. With the second lowest tax burden on personal income in the country, Florida proves to be a prime destination for high earners and investors.
Florida is one of seven states without a personal income tax, which is a major financial advantage. According to the Florida TaxWatch 2018 report, Florida per capita state and local revenue collections total $5,679, ranked 42nd of the 50 states.
Business-Friendly Tax Laws
The state is also friendly to business owners who choose to make Florida their home. Since 2011, 75 percent of Florida businesses were exempted from corporate income tax, which has saved these businesses $50 million a year. This puts the money directly back into business owners’ pockets, which can then be used to invest in real estate to further boost income and total asset value.
For professional advice on all aspects of buying or selling real estate, please contact me at [email protected] or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.