See where Florida stands on this map of tax-friendly states

Posted on August 21, 2016

Florida has been named the third most tax-friendly state in a new survey by Kiplinger.

Kiplinger, a personal finance and business forecasting firm, cited Florida’s lack of state income tax and property taxes that are below the midpoint for the United States, among the factors it considered.

Only Wyoming and Alaska ranked higher than Florida on a new map and list of most tax-friendly states produced by Kiplinger.com.

“Where you live can have a dramatic impact on your wallet and savings,” Sandra Block, senior associate editor for Kiplinger’s Personal Finance, said in a statement. “It’s worth pointing out, though, that there are tradeoffs to living in a state with lower taxes — since there are likely less funds going to roads, bridges, schools and various other public services we may otherwise take for granted.”

Here are some specifics about Florida’s taxes highlighted by Kiplinger:

State income tax: none

Average state and local sales taxes: 6.66 percent. That’s about average for the United States, although in some counties the combined rate is as high as 7.5 percent. Food and drugs (both prescription and nonpprescription) are exempt.

Gas taxes and fees: 37 cents per gallon

Property taxes: The property tax on Florida’s median home value of $162,700 is $1,631, which is below the midpoint for the U.S.

Vehicles are taxed at the state’s 6 percent sales tax rate, but a county sales tax (based on where the buyer lives) is due on the first $5,000 of the purchase price or on each lease payment.