Many are pleased to learn that Florida’s Intangibles Tax was repealed effective in 2007. So, residents of Florida no longer have to pay the tax that was once levied on gross earnings from intangible property such as stocks, bonds, and mutual fund shares. Before the repeal, many Florida taxpayers were taxed 50 cents for each $1,000 of intangible personal property value.
The only taxes on intangibles that still linger are a mere shadow of the previous tax law requirements. Now, only a one-time tax payments secured by real property and an annual tax on renters leasing government property remain.
It was once called a wealth tax, but many wealthy people just avoided the tax by putting their intangible personal property into irrevocable trusts. These trusts, known as FLINTs (Florida intangible tax trusts) and FLITEs (Florida intangible tax-exempt trusts), allowed residents to bypass intangibles taxation.
So, if you spent much of your life hearing about the dreaded Florida Intangibles Tax, rest assured that’s no longer an issue. So, go ahead and come relocate to Florida. We’d love to help you find a home near Tampa Bay.
THINKING OF SELLING YOUR TAMPA BAY AREA HOME?
If you’re interested in selling a Tampa Bay area home, please contact us for more information about listing your home. Check out our helpful article describing the process and how to decide if it’s the right time to sell.
ARE YOU BUYING A HOME FOR SALE IN TAMPA BAY?
If you’re thinking about buying a home in Tampa Bay, do a quick online search or check out our:
- Tampa Bay homes for sale under $100,000
- Tampa Bay homes for sale between $100,000 and $200,000
- Tampa Bay homes for sale between $200,000 and $300,000
- Tampa Bay homes for sale between $300,000 and $400,000
- Tampa Bay homes for sale between $400,000 and $500,000
- Tampa Bay homes for sale between $500,000 and $600,000
- Tampa Bay homes for sale between $600,000 and $700,000
- Tampa Bay homes for sale between $700,000 and $800,000
- Tampa Bay homes for sale between $800,000 and $900,000
Our experienced agents know the area and would love to find you the perfect home in the Tampa Bay or any of the surrounding areas. When you’re ready, call us at 813-961-6000, or contact us online. We handle real estate in Hillsborough County (the Tampa – St. Petersburg – Clearwater metropolitan area), real estate in Pasco County (Port Richey, New Port Richey, Dade City, Zephyrhills and San Antonio), and real estate in Pinellas County (Tampa – St. Petersburg metropolitan area.) We’ll help you find the right home for your needs!