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budkyle
Full Member
15 Posts |
 Posted - 07/07/2010 : 08:12:33 AM
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I have been told that Florida taxes retired folks a whole lot lower than other places but I am unable to find any info on the subject. Any help appreciated....Thanks
When Seconds Count 911 Is Minutes Away
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Dave
Gold Member
USA
1198 Posts |
Posted - 07/07/2010 : 09:22:00 AM
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I believe the only age-related tax benefit to Florida residents is a little extra property tax homestead exemption for over 55.
Dave |
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fcasiello
Gold Member
USA
519 Posts |
Posted - 07/07/2010 : 09:41:12 AM
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Extra homestead at 65; and no state income tax!
Fred C
Huntly at LoMD Waterbury Way |
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Dave
Gold Member
USA
1198 Posts |
Posted - 07/07/2010 : 10:19:39 AM
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No state income tax is for all people, not just for retired folks.
Budkyle,
Are you looking for general Florida tax information or specific information relating only to older people?
Dave |
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budkyle
Full Member
15 Posts |
Posted - 07/07/2010 : 10:42:40 AM
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Dave, since I fall into the latter category, I guess tax info applicable to older, retired people.
When Seconds Count 911 Is Minutes Away |
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Cap
Platinum Member
USA
2167 Posts |
Posted - 07/07/2010 : 4:41:52 PM
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When you build in some 55+ communities where there are no children, the developer does not have to pay the one time school impact fees, which theoretically reduces the cost of the home / lot by that amount. Otherwise, I think Florida taxes retired people just as it does the non-retired ones.
There are some cost advantages of retiring in Florida, although these apply to some other states also.
You don't get taxed on your income. You do have a higher sales tax than some other states. If you don't spend all your income, then that is probably a net savings.
You don't have to own a winter wardrobe, snow blowers, etc.
Overall, I don't see much difference in the cost of living versus the Ann Arbor Michigan area where I previously lived.
Cap (and Judi)
Lakes of Mount Dora Lot 189 |
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fcasiello
Gold Member
USA
519 Posts |
Posted - 07/07/2010 : 7:05:04 PM
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A lot depends on where you are coming from. We found real estate taxes 1/2 of what we were paying in CT and a lot less than NY. Home and auto insurance is about 1/2 (no hurricanes here in Central FL). Food about the same and less for produce when you shop farmers' markets, etc. As Cap says, clothes are less as you don't need as many different kinds. Utilities are less than CT and NY; and AC costs are a lot less than we were paying for heat.
Fred C
Huntly at LoMD Waterbury Way |
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Tax Info
