It’s almost the most wonderful time of the year: Tax Season! Said no one, ever. But as the year comes to an end and we look forward to the holidays, many of us are also considering our tax implications for the coming year. It is no secret that Florida does not have a state income tax, which is fantastic, but unfortunately that’s not the only taxes to consider, especially for retirees. The good news is that a recent study by Kiplinger’s found that Florida was the 8th most tax-friendly state in the country for retirees. Florida has an about average sales tax rate, an average property tax rate (if you’re not on the oceanfront!) and there are additional homestead exemption benefits for homeowners aged 65+. Plus, there is no estate tax or inheritance tax in Florida, providing less of a tax burden here than in most other states.
The beautiful beaches, wonderful weather, affordable property, and central convenience of the Daytona Beach area should already make you want to start packing for a retirement relocation to our hometown. Add to that a little bit of tax savings and moving to Port Orange, Ponce Inlet, Ormond Beach, or Daytona Beach Shores becomes a "no-brainer." Call Kevin Kling at (386) 527-8577 to learn more about home and condo options along the World’s Most Famous Beach.