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Florida’s Weather & Tax Relief

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Are you looking to shed tens of thousands of dollars from your tax bills? Are you looking to get this savings every year for the rest of your life? In this fantasy world, you can even be cutting taxes after you die. The reality is - it’s not a fantasy and you can have these things now. Just move to Florida.

Hey, it’s not a bad place to live either. Warm weather, culture, beaches, Disney World and a lifetime’s worth of attractions. That’s why so many millionaires and billionaires have been quick to bail on the high-tax states like New York, New Jersey, Connecticut and California. Even President Donald Trump and Carl Icahn announced that they’ll be closing up shop and moving to Florida in the fall. There, they will join the likes of other high-profile executives like financiers Barry Sternlicht, Eddie Lampert and Paul Tudor Jones.

Here’s an example. A New York couple who files jointly with $5 million in taxable income would be saving a whopping $394,931 in state income tax, if only they moved to Florida. 

“I have to admit that I was surprised by how much of a financial savings” is achieved by moving to Florida. “It is crazy money,” says Connor Lynch, chief executive of Plastridge Insurance Agency based in Delray Beach, Fla.

The federal Tax Cuts and Jobs Act of 2017 takes part in how this is possible. Because of these laws, there are limits on deductions on state and local taxes. Florida already has a lower cost of living relative to high-tax states, which makes it all the easier. 

“The rich want to stay rich,” says Dina Goldentayer, executive director of sales at Douglas Elliman Real Estate. In South Florida alone, the brokerage saw a 30% increase in total sales volume from 2017 to 2018. 

Ms. Goldentayer just sold an $11 million oceanfront penthouse to a Wall Street financier. This financier is picking up and moving his family to Florida in order to reduce a tax slap. 

“Municipal taxes, local taxes, play a big role in the decision, more so than the mortgage [interest] deduction,” Ms. Goldentayer notes.

So think about it. Is Florida on your cross hairs?

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CONTACT

  • Lydia Eskenazi PA

    Director of Real Estate Sales
    Harding Realty, Inc.

  • TELEPHONE

    +1 (305) 785-0440 Direct
    (305) 682-9051 Fax

  • OUR LOCATION

    9473 Harding Avenue
    Surfside, FL 33154

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