Minnesota has the fourth-highest income tax rate in the country at 9.85%, combined with an estate tax on estates over $3M and winters that regularly hit -20°F windchill. The case for South Florida is financial, meteorological, and lifestyle-driven simultaneously.
Guide for Minnesota buyers relocating to South Florida. Minneapolis and Edina to Fort Lauderdale and Boca Raton. Nearly 10% income tax savings, estate tax, extreme winter escape, and neighborhoods where MN buyers settle.
Minnesota's top marginal income tax rate of 9.85% makes it the fourth-highest in the country, behind only California, Hawaii, and New Jersey. For a household earning $500,000 per year, the annual Florida income tax savings exceed $49,000. Over a decade, that is nearly $500,000 in additional retained wealth before accounting for investment returns. The estate tax picture is even more significant for Minnesota's wealth tier. Minnesota imposes an estate tax on estates over $3 million at rates that reach 16% at the top. The federal exemption is $13.61M (2024), but Minnesota's $3M threshold captur...