So I get this question ALL the time from folks looking to move to the Jupiter and Palm Beach Gardens area of Florida. How much will I save?
Florida curently ranks as the 47th out of 50 as the state with the lowest overall tax burden. Yes, one could live in Alaska and pay lower taxes but who wnats to? That’s Property Tax, Individual Income Tax and Total Sales & Excise Tax as a Share of Personal Income. Florida has zero, nada nilch personal income tax. Think about that the enxt time you pay the New York, New Jersey or Mass tax man. Now remember that wil the SALT (state and local taax limitations) that you can only deduct 10k of that from your fenderal return. Let’s forget, just for now, that MA, New York and New Jersey now have a Millionaire Tax and look at the couple making 200k a year. The New State income tax ALONE is 10,667 for these folks. Let’s say you live in a 1M house. The median New York state property tax rate is 2.39%. In Jupiter Florida this is 1.73%, in Palm Beach Gardens it’s 1.81%. I compared them last year. That’s another 6,600 a year in property tax savings. We do have a 6% sales tax in Florida but NO excise tax.
Thus, for even those earing 200k a year BEFORE the SALT tax limitations math is used if you move to Florida you save 17k a year.
Do yourself a favor. Call your accountant and ask them to run the numbers. If I lived in Florida last year how much would I have paid in taxes. What you’ll find out if that all those rich friends you know who are moving to Florida, they’re doing it to save money. You should too. Call me Chris at 561.818.3858 and I can help you move to the Sunshine State.