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Florida is one of only seven states that does not tax individual wage income. It does, however, assess a state corporate income tax. The state's intangible personal property tax was eliminated in 2007. More on Florida taxes can be found in the tabbed pages below. 1  Income. 2  Sales. 3  Property. 4  Estate. 5  Other.
The biggest advantage to setting up legal residence in the Florida is that the state has no personal income tax. This means that the only personal income tax Florida residents have to pay is the federal one. Florida residents will not have to pay state income tax on money in retirement accounts in Florida.Unfortunately Florida residents could have to pay income taxes on assets in other states. This could include money in retirement accounts in states with income tax and money earned from rental properties in other states.Florida charges income taxes on businesses and business income.he biggest advantage to setting up legal residence in the Florida is that the state has no personal income tax. This means that the only personal income tax Florida residents have to pay is the federal one. Florida residents will not have to pay state income tax on money in retirement accounts in Florida.