Aside from the beautiful beaches, dramatic water views, and temperate weather all year, Florida residency offers financial benefits that most other states cannot. As many high-income people try to escape the rising tax burdens in their home states up North, Florida stands out as an attractive place to call home for the following reasons:
- FL does not impose an individual income tax. Florida's Constitution also prohibits counties and cities from imposing an income tax. Establishing Florida residency from many of the Northern states can save someone in a high-income tax bracket thousands or even millions of dollars in taxes.
- FL does not collect an estate tax or "death" tax. Florida will not tax your assets upon your death, before any distribution to your children.
- Primary residence "Homestead" tax benefit. If you declare your FL home to be your primary residence or homestead, you will receive two property tax benefits: 1) $50,000 reduction to the assessed value for property tax purposes and, 2) you will receive a "Save Our Homes" cap on the increase in assessed value by the lesser of either 3% or the change in the Consumer Price Index. This allows you to build equity that will be sheltered from an increase in property taxes as your property's value increases.
- Asset protection benefits. The FL Constitution protects you from losing your home to a creditor or a lawsuit.
- Many top tax advisors, estate planning attorneys, wealth strategists, and luxury home specialists call Florida their home. Their experience and expertise can prove invaluable.
If you have an interest in relocating to Naples and would like information on available homes in the area, please contact Laura Maguire at 239.207.6418