No Income Taxes in Florida is an Illusion for Many New Residents (including Coral Gables)

I wonder how many new residents have done their homework.

For very high income levels and owners of large residences, the amount of taxes paid residing a state with income taxes (and property taxes, too)  are way less than the increase in their property taxes in Florida.  But for many new property owners in (say) middle and upper middle income levels, they well pay more in property taxes than they paid in both state income and property taxes in their former residence states.

According to the Empire Center research organization, over 1.5 million more people moved out of New York State in the past decade than moved in – a larger net loss than for any other state. Like Jeter, people moving out tend to earn higher incomes than people moving in. Again, like Jeter, most of the people who leave had lived in the New York City area – not in the economically depressed upstate regions. And finally, like Jeter, almost a third of outmigrants settle in Florida.

via Why Derek Jeter and LeBron James are running for Florida: High taxes turn the rich into refugees | heat.basketball-news-update.com.

About Stephen E. McGaughey
International consultant in economic development programs and projects

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