The Florida lifestyle has always been compelling. But in today’s tax environment, swaying palms and icy umbrella drinks may not be the only compelling reasons to move here.
The Florida lifestyle has always been compelling. While northerners button up their winter coats and slip on their snow boots, residents of the Sunshine State are slipping on their bathing suits and heading off to the beach. But in today’s tax environment, swaying palms and icy umbrella drinks may not be the only compelling reasons to move here.
While the new tax law is widely credited with adding to our robust economy, there have been unintended consequences that have many high tax states experiencing an outflow of permanent residents. Residents in states like New York and New Jersey who are no longer able to itemize deductions for state and local taxes are moving to areas with more favorable tax climates. Florida, which has no state income tax, has been a major beneficiary of the trend – attracting new residents who are drawn to lower taxes, as well as the warm weather lifestyle with lush golf courses and beautiful beaches to enjoy.
“The new tax laws certainly spurred interest. Buyers who were casually looking suddenly had another reason to purchase,” says Ed Jahn, Senior Vice President of Kolter. “Non-residents started to review how much time they would now spend in Florida and re-evaluated their residence status.”
Personal income tax isn’t the only incentive to relocate to Florida. Another burdensome tax is the estate tax. Many states collect this tax, including: Connecticut, New York, Maryland, New Jersey, California, and Oregon. However, Florida, once again, provides a tax haven for homeowners, as it doesn’t apply a tax to estates, furthering the appeal to make the move to the Sunshine State.
And that’s not all. Establishing a Florida homestead residence brings even greater tax benefits. As long as you spend a minimum of six months in residence in Florida, you can qualify for The Homestead Exemption, which grants homeowners a break on their real estate taxes, foregoing tax on the first $50,000 of value for their primary property. Even better, the “Save our Homes” cap limits annual increases to just 3% year over year.
Due to the strong job market driving relocations, Palm Beach County is becoming a hot spot for real estate. While it offers a wide variety of options to homebuyers, waterfront property is becoming scarcer.
Located in the heart of Palm Beach County, is Boca’s newest private residences—Moderne Boca. Its central location makes it minutes away from everything the area has to offer, from South Florida’s white sand beaches and world-class entertainment to award-winning dining and endless shopping. Moderne Boca is also conveniently located between Fort Lauderdale International Airport and Palm Beach International Airport, making it easy to welcome guests, or travel as you please!
Residents at Moderne Boca will be able to enjoy an impressive array of features within their home. The residences are fully constructed of poured concrete for energy-efficiency, storm readiness and design aesthetics. Himalayan limestone treads on the staircases and 9 ft. aluminum entry doors are just a few of the Game-Changing Features. Porcelain tiling runs throughout the residence interiors, and pairs well with the quartz countertops and sleek European style designer kitchens. Private elevators are also available in many of the remaining residences that overlook the Pondhawk Nature Preserve.
Phase I of Moderne Boca has already sold out and the Phase II residences are priced from the $800,000s, from 2,890 sq. feet to 3,443 sq. feet of living area. To take a closer look at this low maintenance, high lifestyle in person schedule a tour with the Moderne Boca Sales Gallery, located at 4202 N. Military Trail in Boca Raton. Our designer decorated model by The Decorator’s Unlimited are open daily. To also receive your free digital brochure or learn more, visit ModerneBoca.com or call 561-300-6787.