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Buyers Flocking to Florida from Tax-Ridden States!

Tuesday, July 30, 2019   /   by Brooke Cole

Buyers Flocking to Florida from Tax-Ridden States!

Thinking of selling?

We may see a surge of buyers coming from the Northeast!

According to new information by The News-Journal in Daytona Beach, "there's a growing mood among high earners in the Northeast that it's time to cash in their real estate chips in high-tax states and move to places like Florida."

We know SWFL has always brought tons of retirees for it's weather. Who doesn't want sunshine and beaches? But SWFL also brings buyers from out of state because there's no personal income tax.

"A bump in activity started with the federal tax overhaul in 2017. Although rates were cut for corporations and individuals, the ability of residents to deduct state, city and property taxes from their federal returns in places like New York, New Jersey and Connecticut was diminished. Other heightened tax obligations are kicking in as well. As of July 1, a three-decades-old “mansion tax” in New York State is being boosted in New York City to help pay for improvements to the city’s creaky subway system."

An article by FloridaRealtors states, " Upward reassessments are also taking their toll, according to Thomas Maloney. He said he has a brother whose annual property tax bill more than doubled from $12,000 on his home in Staten Island."

More than $24k/year for property taxes!

That would be nuts here unless you are riverfront or beachfront!

This all means good news for our state's economy! Not only are people moving here, but some are bringing their companies with them. Plus, some state governments are auditing travel of homebuyers who move to Florida, but still commute back to their Northeastern states for work.

We could be the next hot-spot for out-of-state investors, not that we haven't seen some of that already!

The FloridaRealtors article also mentions, it's not just Northeasterners looking to move to Florida. People of California are also flocking to Florida as their personal rates exceed 12%. It says it used to be that those people went to Nevada, but new trends show them to be relocating here to Florida!

This means -- lookout for buyers from the Northeast and the West Coast! 

Might be a great time to list your home for sale -- or buy before they get here!

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