Florida’s tax structure makes it a desired location for businesses and an ever-growing number of Americans who wish to call the Sunshine State home. The lack of a state income tax means that the state economy is based largely on sales tax revenues, with a large boost from the tourism industry, and complemented by other major industries such as agriculture. Local governments are funded by local taxes, mostly from property taxes.
Property taxes rose sharply in recent years and with similar increases in property insurance, the Florida real estate market has suffered. This situation has impacted the state budget and Florida’s economy. Property taxes and insurance are beginning to show decreases.
While the average wage rose, the unemployment rate rose and Florida employers cut thousands of jobs in 2008.
Citrus exports decreased slightly while the number of visitors are remaining constant, bringing billions of dollars into Florida’s economy.
Per capita income is up while the state budget is substantially less than the previous year.
The average property tax burden decreased in 2008.
New and existing home sales are lower.
The number of Floridians living below the poverty level has dropped slightly according to the most recent statistics.
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