Florida Tax-Friendly State – Find FL Communities
Lower your taxes. Florida has no income tax. Social Security benefits and 401(k) are not taxed at the state level. No state or inheritance tax.
One of the biggest benefits of moving south is lower taxes. If you live in NJ, CT, NY or metro DC, you’re well aware of the burden of paying high property taxes. It’s possible to save thousands of dollars a year by moving to lower-tax states such as Tennessee, Florida, South Carolina and North Carolina. “When people are considering a retirement relocation destination, I think most of them focus too much on income taxes,” says Robert Barbetti, senior manager of JP Morgan Private Bank’s Advice Lab. “I think they should definitely look at the property-tax situation. While many states might exclude some or your entire pension from income taxes, property taxes go on –and often—year after year.” By moving south, you can cut your property tax payment in half or even more! If weather and traffic aren’t motivation enough to move, think about the savings from taxes!
Florida Case Study
Let’s say you live in Suffolk County on Long Island. You have lived in your home for 15 years. At the time, you purchased your home with a $225,000, 30-year mortgage for about $1500/mo in principal and interest. Today, you only owe $170,000 and your home is now worth $546,000. And your property taxes are over $7,000 per year and climbing annually. Now you have approximately $376,000 in equity. You could purchase a new home in the South and have money left over! The median home sale value in Florida is $278,629 according to USA Today. If you moved here, you could purchase a home with cash and still have almost $100,000 left over. Your taxes could be as low as $2,936 per year while reducing your cost of living. By moving, you could have little or no mortgage and reduce your tax burden. You can escape the brutal winter while drastically improving your quality of life.
Request information for as many of these tax friendly Florida communities as you’d like! There is no limit.