Your "they finagled the minimums to compensate somewhat." is potentially scary to anyone thinking about moving to Florida. So I did some closer reading.
The "somewhat" is the understatement of the year, if your original figure of 2% was ever true.
You wrote:
"Florida intangible tax...basically a tax on your assets, stocks, bonds, mutual funds, accounts receivable, notes...etc...there are exclusions...but common stock is not excluded. The rate was as high as 2%. It's less now but they finagled the minimums to compensate somewhat.
myflorida.com;
Well, the actual numbers are:
"Individual Filers - The first $20,000 of total taxable assets are exempt. Assets above $20,000 are taxed at $1 per thousand dollars of value. "
The difference between 2% and 0.1% is a factor of 20. A bit more than "finagled somewhat."
This means that for a person of means, someone with, say, $5 million in assets, Florida collects about $5,000 a year in Florida's asset taxes. Under the 2% figure you described, $100K per year.
A big difference.
Was the 2% figure you cited actually the correct one?
--Tim May |
