New Jersey is the #2 feeder state to South Florida. High income taxes, high property taxes, and an estate tax on smaller estates make the financial case straightforward.
The complete guide for New Jersey buyers relocating to South Florida. NJ tax savings, what your Broward home looks like vs. Bergen County, school comparisons, and the domicile process.
New Jersey has the highest property tax rate in the United States, averaging 2.23% of assessed value. On a $1M home in Bergen County, that is $22,300 per year in property taxes, before any mortgage, insurance, or maintenance cost. Florida's effective property tax rate averages 1.0–1.1% on assessed value. On a similar $1M Florida home, the property tax is $10,000–11,000 per year. The Homestead Exemption reduces the taxable assessed value by $50,000, saving another $800–$1,500 annually. The Save Our Homes cap limits annual assessment increases to 3%, meaning your property tax base grows slowly...