Taxes are Lower in Levy County

Businesses and residents love Levy County because of its low tax rates. You can keep more of your money and spend it how you see fit. Here are a few ways you can save on taxes when you move to this region:

Low Corporate Tax Rates and Exemption Opportunities

Businesses moving to Levy County benefit from low tax rates. Florida levies a 5.50% corporate tax on business, which is lower than 31 other states in the country. The state also offers a variety of exemptions to support business development. You can keep more of your company’s profits and reinvest them into your organizational growth.

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No State Income Tax

Florida is one of nine states without an income tax. Not only will you save money each year, but you won’t have to worry about filing with the state during tax season.

Lower Property Taxes

Levy County has lower property taxes than most areas in the state of Florida. You can expect to pay 0.71% of your home’s value per year in taxes. Not only is the tax rate low, but housing costs as a whole are lower in Levy County. By investing in a more affordable house, you can enjoy lower tax rates and insurance costs.

Another notable point is that Alachua County, which is right next to Levy County, has one of the highest property tax rates in the country. Homeowners pay 1.29% on their properties on average. Moving one county over can lead to significant savings.

Favorable Sales Taxes 

Florida has a moderate sales tax rate of 7.02%. It ranks 24th in the country and continues to improve as other states raise their sales taxes. However, Levy County has a lower cost of living than the rest of the state. You will still pay less for groceries and basic household goods, which means your taxes will be lower than if you were in a costly metro area.