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Florida has several types of taxes which are briefly described below.
Ad Valorem Taxes - Real Estate Taxes
The real estate tax is a combination of city, county and school taxes and is based on 100 percent of the appraised value of a property, either business or residential. It will vary according to location, type of construction, and if residential property is entitled to Homestead, Widow's or Disability Exemptions. It includes land, building, fixtures, and improvements to the land. Florida property taxes are relatively unique because they are levied annually; taxes on each parcel of real property have to be paid in full and at one time (except for the installment method and homestead tax deferrals); substantial discounts are extended for early payment; five months elapse before real property owners can be penalized for non-payment of taxes.
The tax year runs from January 1 to December 31 and is due and payable November 1 of each year.
Homeowners who are permanent residents and who own and reside on the property as of January 1 of the tax year may claim a $25,000 exemption on the assessed value of their property. (see section under Homestead Exemption for more information)
For specific property information, visit the Indian River County Property Appraiser's site.
Documentary Stamp Tax
Documentary stamp taxes are levied on documents as provided under Chapter 201, Florida Statutes. Documents subject to the tax are Deeds, Stocks and Bonds, Notes, Mortgages and Written Promises to Pay.
Estate tax may apply to your estate at your death, if you own real or personal property in Florida at the time of your death. Your gross estate includes all property totally or partially owned such as real estate, money, life insurance, annuities, stocks, bonds, accounts receivable, notes receivable, equipment, autos, furniture, artwork, jewelry.
State of Florida has no personal state income tax, but it does have a corporate tax.
Residents of the State of Florida have no state inheritance tax unless they are subject to a federal estate tax, in which case the Florida inheritance tax is limited to an amount allowed as a deduction from the federal state tax.
Personal Property Tax
A personal property tax is levied against business furnishing, merchandise, and equipment and is based on the same rates for real estate. Returns must be filed by April 1 each year with the County Property Appraiser's Office.
State sales tax is 6 percent excluding medicines, medical services and most food items. Counties may add a local option tax. Indian River County has added a 1 cent tax so the total sales tax in Indian River County is 7 percent.
For more information visit the website of the State of Florida Revenue Department or contact them as follows:
Florida Department of Revenue, Tax Information Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716. For forms and general information call Taxpayer Services, Monday-Friday, 8 a.m. to 5 p.m., ET, at 1-800-352-3671 (in Florida only) or 850-488-6800 and select Information on Taxes or Forms from the option menu. Hearing or speech impaired persons can call the TDD line at 1-800-367-8331.
For Ad Valorem Taxes contact the Indian River County Property Appraiser
Indian River County Administration Bldg., 1800 27th St., Vero Beach, 772-567-8000
Sebastians Corners, 1921 U.S. Hwy 1, 772-388-6034
Satellite Office, 3003 Cardinal Drive, Vero Beach, 772-226-1338
For Information all taxes affecting residents of Indian River County, visit the website at the county's Tax Collector's Department.
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