The combination of warm weather and no personal income tax makes Florida a desirable place to relocate. Connie Eckerle of Smolin outlines what you need to keep in mind to make a clean break from your current domicile—and its taxes. White sand beaches and tax incentives have people turning to the Sunshine State.

What are the tax advantages of moving to Florida?

Florida Has No Income Tax Moving to Florida from a state like New York can save someone in a high-income tax bracket many thousands of dollars each year in taxes. The state’s constitution also prevents counties and municipalities from imposing any sort of income tax at local levels as well.

What are the advantages of becoming a Florida resident?

Have you ever considered becoming a Florida resident? Florida has some attractive tax benefits that may help make that decision a little easier. Unlike other states, Florida has no income tax, no state estate tax, no inheritance tax, and no gift tax.

Is Florida a tax haven?

For ultra-wealthy residents in high-tax states, Florida is a tax-haven. Florida, has no state income tax. On January 1, 2019, the Federal Estate Tax exemption increased to $11.4 million per individual, but some states still assess their own estate and inheritance taxes.

How much will I save in taxes by moving to Florida?

13.30%
The savings from moving to Florida could be as much as 13.30% on taxable income — on top of lower property.

Are there any tax advantages to moving to Florida?

In addition to our sunshine, moving to Florida often has excellent tax and asset protection advantages. However, it is not without risk, as your former state may claim tax jurisdiction over you or your Trusts.

Are there any real estate taxes in Florida?

Florida has no state income tax, no fiduciary tax, no intangible tax, no estate tax, and arguably the most generous homestead laws anywhere in the U.S.A: you can have a multi-million dollar home and this residence will be virtually untouchable by creditors.

Can you save money by moving from New York to Florida?

Moving to Florida from a state like New York can save someone in a high-income tax bracket many thousands of dollars each year in taxes. The prohibition against collecting an individual income tax is part of the Florida Constitution, so the state won’t be imposing a tax anytime soon.

Can you save money by moving to a low tax state?

Moving from New York to Florida, or from any high-tax state to a low-tax one, may save money, but only if the move is done right. You might think that moving to a state with no income tax would greatly simplify your tax life.