Taxes in Florida for retirees
A single retiree with $60,000 of income and a $350,000 home pays about $4,719 a year in Florida income, property and sales tax. That is $1,700 a year less than the middle state, and ranks 7 of 47 states from lowest to highest.
Where the $4,719 comes from
| Tax | Per year | How we got it |
|---|---|---|
| State income tax | $0 | Standard deduction, no credits. Source |
| Property tax | $2,625 | Statewide typical rate of 0.75% of home value. Your county and exemptions will differ. Source |
| Sales tax | $2,094 | 6% state plus 0.98% average local on the spending you list as taxable. Source |
| Total counted | $4,719 | Every yearly tax above is included. |
Tax on what you leave behind
This state charges no estate or inheritance tax. Federal estate tax is separate.
Ways to lower your Florida property tax
Additional homestead exemption for persons 65 and older (up to $50,000)
Takes up to $50,000 off your home's taxable value for county or city taxes, only where the local government has opted in
Apply by: March 1. Source
Additional homestead exemption equal to assessed value (65+, 25-year resident)
Can remove your home's whole assessed value from county or city taxes if it is worth under $250,000 and you have lived there 25 years
Apply by: March 1. Source
Exemption for totally and permanently disabled persons
Takes $5,000 off your property's taxable value if you are totally and permanently disabled and a Florida resident
The state page gives no deadline. Source
Homestead tax deferral (age 65+ defers taxes above 3% of income)
Lets you postpone the part of your tax bill above 3% of household income (all of it at low income); a lien and interest apply
Apply by: March 31. Source
What this assumes
- A single filer with $60,000 a year, all of it taxable income such as a pension or retirement account withdrawals.
- Social Security is not counted, because states treat it differently. Your state may also exempt some retirement income, which would lower the income tax.
- A $350,000 home taxed at the state's typical rate, and $30,000 a year of spending that carries sales tax.
- City and county income taxes are not included. Your county may charge more or less property tax than the state typical.
General information, not tax advice. Rates change each year, so confirm with your state tax agency. See all 47 states ranked.