New York is the #1 feeder state to South Florida. The tax math is the most dramatic in the country, and the lifestyle upgrade is real.
The complete guide for New York buyers relocating to South Florida. NYC income tax savings, what $1M–$5M buys in Broward vs. Manhattan, school comparisons, and the domicile process.
New York City residents pay state income tax at up to 10.9% plus New York City's local income tax of 3.876%, a combined rate of nearly 14.8% at high incomes. Florida has no state income tax and no local income tax. For a household earning $250,000, moving to Florida saves approximately $37,125 per year. At $500,000, the savings exceed $74,000 annually. Over a decade, that is $740,000 in additional retained wealth, compounding if invested. New York also imposes an estate tax of up to 16% on estates over $6.94 million. Florida has no estate tax. For families with significant wealth, the estate...