Florida state income tax rates
Florida is one of only nine states that doesn’t charge an individual income tax.
Who has to file Florida state taxes?
Most Florida residents don’t have to file a Florida state income tax return. However, if you own a business, receive income from a rental property, or have a farm, you might file a state income tax return. You can consult with the Florida Department of Revenue to find out more, as well as file a return online.
Is there a personal exemption or standard deduction in Florida?
Because Florida residents don’t need to file an individual income tax return, there is no personal exemption or standard deduction. However, Florida residents still must pay federal income tax, for which there is a standard deduction. For the 2024 tax year, the federal standard deduction ranges from $14,600 for single filers to $29,200 for married couples filing jointly.
Florida sales tax rate
Florida’s base sales tax rate is 6 percent, though there are a few exceptions: The sales tax rate is 3 percent on sales of new mobile homes, 4 percent for receipts from amusement machines, 2 percent for renting, leasing or licensing commercial property, and 6.95 percent for electricity.
Many Florida counties also charge a discretionary sales tax. These generally range from 1 percent to 2 percent.
Occasionally, there are sales tax holidays, most notably during the back-to-school season. During this time, you can make qualifying purchases without having to pay sales tax.
Other things to know about Florida state taxes
- Florida property taxes are assessed at the local level and vary across the state. The effective (average) property tax rate is 0.71 percent, according to the Tax Foundation. There are some exemptions, including a homestead exemption on properties used as your primary residence, which could lower the taxable value of your home by $50,000.
- There is no estate or inheritance tax.
- The corporate tax rate is 5.5 percent.
- The gasoline tax is 38.6 cents a gallon.
- The cigarette tax is $1.339 per pack.