More people are moving to Florida from high-tax states, a new report suggests.
High earners, faced with more money being taken from their salaries, are considering moving to the low-tax Sunshine State. That is according to a report in the Wall Street Journal.
One such state is New York, where tax reform has led to new state and local tax capitation of $10,000 is causing wealthy homeowners to look to Florida.
New York Governor, Mario Cuomo, is now facing a $2.3 billion budget deficit that has been exacerbated by an exodus of homeowners seeking a better tax picture. Specifically, many New Yorkers unhappy with the new tax laws are moving to South Florida.
A Zillow study says, “Preliminary data show a jump in Florida home purchases by buyers from high-tax states”. It continues, “home values in lower-tax areas have been rising faster than those in places where limiting the ability to deduct high state and local taxes eroded some of the savings from the federal tax reduction.”
Florida has the highest level of net domestic migration in the United States. That is according to July 2017-2019 Census data. At the same time, New York lost the most residents.
Find out more about why Florida leads net domestic migration.