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Communications and Electric Utilities <br />One daily newspaper is published in the County. There are five local radio stations. Television <br />reception is good for the major commercial stations and cable is available to the County. Telephone service <br />is supplied by Southern Bell. Vero Beach Electric System and Florida Power & Light Company supply <br />electricity. <br />LOCAL AND STATE TAXES <br />Florida has no individual state income tax. Inheritance tax is confined to the amount allowed as a <br />credit to the State from the tax levied by the United States government. The 6% regular sales tax plus the <br />1% local option sales tax applies to all items except groceries and medicines. <br />Under the Florida Homestead Exemption law, no municipal or county taxes are levied against the <br />first $25,000 for valuation of a home occupied by its owners except for special assessments. It is a state law <br />that all tax appraisals must be at 100% of value. <br />The Florida corporate tax is 5.5% with an exemption and no surcharge. <br />The Board of County Commissioners of Indian River County is limited by the Constitution of Florida <br />to an ad valorem tax levy of 10.0 mills per $1,000 of assessed value for operating expenditures, with an <br />additional 10.0 mills within special created municipal service taxing units. <br />The following tables provide statistical information on the County's tax collection history, assessed <br />property values, debt structure and principal taxpayers: <br />A-6 <br />