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Does the State of Florida Take a Percent of Your Estate When You Are Deceased?

Florida Estate Tax

As is the case with many states, Florida’s estate tax is tied directly to the state death tax credit that was once available on IRS Form 706 – the federal estate tax return. However, as a result of the passage of the Economic Growth and Reconciliation Act of 2001 (EGTRRA), federal law replaced the credit with a state death tax deduction for estates of decedents dying after 2004. When a Floridian died prior to 2005 and the value of their entire estate required the filing of a federal estate tax return, Florida law collected estate taxes on the value of their property (within Florida) equal to the maximum federal state death tax credit. Since the Florida statute doesn’t reference a fixed percentage of the estate as the amount of tax due, its estate tax is entirely dependent on the existence of the federal credit.

Federal Estate Tax

The federal estate tax law requires the payment of tax on the value of a decedent’s estate that exceeds the applicable unified credit amount for the year of death. If the value of your estate warrants the payment of estate tax and the filing of IRS Form 706, your representative is eligible to reduce the federal estate tax bill with a deduction for state death tax liabilities. However, since Florida’s estate tax law makes specific reference to the state death tax credit – which no longer exists – it effectively eliminated the Florida estate tax. As of this writing, Florida has yet to amend its estate tax law to provide for an alternative calculation for state death taxes. In other words, Florida estates don’t pay state death or estate tax – but may end up paying a little more in federal estate tax since no deduction is available.

Florida Estate Tax Lien

Despite the fact that Florida doesn’t collect taxes on estates of decedent’s dying after 2004, the representatives of such estates with real property in Florida and having to file a federal Form 706 – may need to file an “Affidavit of No Florida Estate Tax Due When Federal Return is Required” to remove the state’s automatic tax lien on real property within an estate. By filing a copy of the affidavit in each Florida county, it insures that heirs to the estate are able to sell the property with clear title.

Reference: Florida Dept. of Revenue-Florida’s Estate Tax