Florida has the sales tax and property tax but does not have the Personal Income Tax, Inheritance Tax or the Estate Tax. Overall the United States of America has very different taxation rates in every state, as well as every aspect of the taxation and law can be different. This is quite a hard thing to grasp for Europeans or other country visitors and people that reside in America because it is confusing and seems very odd for one country not to have a united system in place to make sure every citizen understands the taxation and law.
Culture in Florida is heavily impacted by the immigrants of other countries, like Latin America and even Europeans. The culture nowadays seems closer to the Southern culture of America, therefore residing in Florida will be a real Southern experience.
In following paragraphs see the few advantages of residing in the State of sun, beaches, diverse culture, fun and warmth.
Advantages of residing in Florida (US)
If a person is decided to go and live in United States of America, the choice of state where to live is another important, if not – the most important factor when it comes to residing in the USA. There are many differences to living in one state of another within the system of tax, law and politics as well as culture, people, mentality and quality of life, education and health care.
Florida is a sunny, warm location that has plenty of beaches and allows people to enjoy water sports, such as surfing, swimming, waterskiing and other. Florida has many tourism attractions that make the state always on top of the best entertainment and activities.
Other than the obvious location and climate factors, Florida has benefits to the tax system which are a big advantage to other states.
Florida doesn’t collect many taxes
Florida has the tax system that is having advantages with the fact that the state doesn’t collect Individual Income Tax, which is a rare occurrence in all states of the USA. Florida also doesn’t collect the State Estate Tax of otherwise called Death Tax which means that since year 2005 the tax is phased out. This keeps the money safe in case a loved one dies which in many states is not the case as the State Estate Tax is in effect.
Another tax that benefits the Primary Residences in the Florida is the Property Tax that allows taking a break when person is buying a new home in the state and the scheme for the Save Our Homes project that generally works so the house owner is effectively building their equity as the property prices grow and increase.
Florida – place of residing for the wealthy
In addition to the attractive tax regime, Florida is considered a great location for the wealthy because of the tax advisors, estate attorneys and other professionals that know the law and tax regime so well, they can help with the increasing of wealth for the advantage of person wanting it. The plans for these types of procedures usually are the basic tax minimizing by figuring out the law and planning ahead.
There are many wealthy individuals residing in the Florida State that enjoy all the advantages of it.
Low living costs
Florida has low living cost in comparison to other states of the United States of America. The property prices are cheaper there and the healthcare as well food and produce costs overall are quite affordable. Nevertheless, so called Sunshine State has the 200 days a year where the sun shines, therefore making it very easy to grow oranges and other sun-fruits outside in the backyard.
Also because of the great weather, people who are residing in Florida usually spend their time, not their money to enroll in outside activities, sports and other fun alternatives to the expensive indoor activities, like sitting at coffee shops or going to indoor gym.
Diversity in culture
The culture in Florida is quite diverse as the immigrants have mixed the state inside out and gave it its dynamic environment regarding the culture and the people. Many ethnicities reside in Florida therefore it is easier to become a local if person moving to Florida is from Europe, Asia, Africa or other locations around the world.
Overall this diverse people crowd helps with the feeling of being welcomed in the United States of America and the Florida State will definitely give many advantages to people who decide to reside in the Sunshine State.