Florida residents have no state income tax and no true estate tax. Florida residents are subject to the Florida Intangibles Tax. The tax is levied on the fair market value of certain intangibles valued each Dec, 31. Intangibles that are taxed include stocks, corporate bonds, mutual funds, non-Florida municipal bonds and certain notes and receivables. Nontaxed assets are money in the banks, Florida municipal bonds and all U.S. government securities.