Probate/Estate | Tom McClellan | BHHS Florida Realty
Photo of Agent
Tom McClellan

Sales Professional
Cell: (941) 720-1500
Office: (941) 720-1500
TomMcclellan@yahoo.com
 

XII                                                                                                           Taxes

Estate or Inheritance taxes:

  • There are none in Florida as long as the decedent passed away after December 31, 2004 (prior to that time, an estate tax return would have needed to be filed).


IRS:

  • The due date for the estate income tax return, if necessary, varies depending on whether the estate is operating on a calendar year or a fiscal year. For calendar year estates, the return is due by April 15th of the year following the calendar year in which the estate received the income. For fiscal year estates, the return is due by the 15th day of the fourth month following the close of the tax year. An automatic six-month extension is available. (See Instructions for IRS Form 1041.)
  • Estates are not inherently considered their own entities, so the Executor of an Estate will need to file for an EIN (Employer Identification Number) with the IRS for tax purposes.

     

    Property:

  • Annual Property taxes for the previous year are due by 3/31 each year.  Owners are offered to pay them beginning in November (same year) the previous year with a 4 percent discount, December with a 3% discount, January with a 2% discount and February with a 1% discount.  Example 2021 taxes are due by 3/31/2022.
  • CDD via Homeowners/Condominium Association:  Community Development District.  It’s a special purpose to shift the burden of developing infrastructure, maintaining roads and landscaping, amenities to the homeowners of the community and add the payment to your the annual property tax bill.  Funds to the community/builder via bonds and continue to pay fees until the bond is retired (normally 20 years).
  • PACE: Property Assessed Clean Energy.  A financing with interest (no note or mortgage) but a tax lien with repayment added to your Property Tax bill annually for 10-30 years for making energy and wind improvements to your home.  While PACE is assumable, most Lenders do not allow, making it harder to refinance or sell the home.

 

State:              Florida does not have an annual State tax, Estate or Inheritance Tax

 

Local:               Neither Florida Counties nor Cities have an annual tax, other than intangible.