Florida Tax Guide: What Retirees Will Have to Pay (and What They Won’t)

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Will I or my heirs owe inheritance and estate taxes in Florida?

The Sunshine State doesn’t levy inheritance or estate taxes. If there’s no joint tenant or surviving spouse, the deceased’s house won’t be eligible for the homestead exemption starting the next year after the owner’s death.

However, if the owner was married, the surviving spouse will continue to receive this exemption for as long as they own the property as her or his permanent residence. The same thing applies to a joint tenant owner, provided they have a right of survivorship and meet certain criteria.

Do older Florida residents benefit from tax breaks?

Residents 65 or older may qualify for a property tax rate as well as a homestead exemption set by a local government. Check out this page to learn more county-specific information about property tax exemptions and assessments.

Veterans 65 and older who are totally or partially disabled may get an additional homestead property discount. Also, as of 2023, widowers and widowers can get a $5,000 property tax exemption.

You may also want to read 15 Weekend Side Gigs That Pay You Enough For A Week.

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