Moved from NYC cesspool to Tampa Bay, Florida. Best thing we ever did. Wonderful life here for us. We are saving a ton on taxes. We didn't buy near the water in a non flood zone and our insurance has bearly changed. Paying 50% less in RE taxes than NY. Even our car insurance is cheaper. We live in a gated community with three pools and an enormous clubhouse with lots of activities. The weather is just like we like it, especially for me because I hate the cold and wearing coats, gloves, scarves, and socks. Riding the overcrowded smelly subway in NY was torture. My father had a Florida vacation home he sold. But because he still lives in NYC, he had to pay 22,000 in state and city capital gains tax. If he lived in Florida, he would have kept that money.
This is such an important topic. I have family in FL and TX and I tell people all the time not to fall for the no income tax narrative. Both of these states have no income tax and my relatives always complain about their absurdly high property tax, sales tax and other various fees. You have to look at the total tax (and fee) picture, not just income tax.
For sure! You need to think about all the taxes and fees, not just income tax. I think financial advisors can really help by looking at your whole financial picture, cutting down on any extra costs, and finding ways to handle property taxes smartly. This can take a load off homeowners, especially in places like FL and TX where taxes can be a bit tricky 🙁
you're spot on about the value of a financial advisor. As a businessman, moving from California to Texas, my advisor traded stocks for me, allowing me to purchase two homes worth $1.8m with the profits. While Texas property taxes are comparable to California's without Prop 13, being free from California state income taxes has significantly improved my financial standing.
I'd love to know who your advisor is. You see, I'm also a businessman living in America with my family, finding my way around the market can be tough as a beginner and i know i am not the only one. I have $400k saved up and ready to invest, but I could use some guidance.
Pinellas county has the highest car insurance. Home insurance is very high. Seems like my escrow account is short by $2,000 for the past 2 years. Lived in my house since 2008 and my mortgage is cheaper than renting. Saint Petersburg has changed to St Lauderdale. Too many people in this county.
California's state income tax is NOT paid by every one with earnigs . There's an amount over which you have to earn to start paying and it starts at a very low rate. It's only when someone has very high incomes that higher rates of about 6% kick but still a large exempt amount is given. The high property taxes in Florida, and Texas, have to be paid wether you have taxable income or not. Retirees are going to become forced sellers when they can no longer afford the high property taxes and skyrocketing insurance. Actually, it's already happening,.
Florida has changed in many ways over my 23 years here and not for the good. As of recently you even need a pass or payment to launch your boat! It’s all about money! Counties are very hungry to get extra money however they can to support their pet projects. Development has exploded especially in areas you wouldn’t think. Unfortunately Florida has become a bad state to live in, but a great state to vacation in for the wealthy… 🙄
Well my family moved from NYC and we find Florida to be a paradise. We are saving a lot in taxes and our quality of life has increased. No smelly overcrowded subway to deal with.🙂
There are all kinds of tax credits in Florida. The property taxes here will gut you. I’ve been comparing the 2 nearby states of Alabama and Georgia and have determined that with an income in the 350-450K range annually you are better off in either of those states paying the income tax. That’s not even bringing into play the homeowners insurance which is gut wrenching on its own. That said there are special interest groups like teachers, firefighters, police, emergency workers, blind people etc that some property tax relief doled out and put on the backs of the folks not covered by these ‘special interests’ Then if you’re a declared 100% disabled vet you pay zero property tax. You remember the marry-go-round gold ring? It’s a total free ride…seemed like a good idea at the time when it showed up on the voting ballot and yes I’m a veteran, just not disabled. Most vets deserve a break but I believe that break should come from the VA not the folks living in their county. So much for the tax warts. The State is beautiful, the roads are good, most counties have many amenities such as parks, boat ramps, some have beaches and river access. And the gators are not as bad as you’re told…as long as you stay out of Gainesville (University of Florida). But, those property taxes will kill you. Property Tax is based on the purchase price of the home and the real estate is soooo expensive here.
@johndrago8370 Huh? I saved 50% in property taxes by moving to Florida compared to when I owned a home in NYC. Maybe you really don't know everything?
@@LivingInSarasotacan Rudy Giuliani duck paying the Rigged 148 million verdict against him by a crooked judge and Rigged Trump hating jury, I heard if you had homestead you can protect assets 😮
Great information as always Lisa. Thank you! It seems anywhere someone decides to settle will have its pros and cons. Being informed and doing your research is the best way to make a decision.
Since when did the average household in the United States earn 150+ a year? Nonsense.Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 US Census Bureau statistics. I loved living in Florida. Like anywhere else you have expensive parts and inexpensive parts.
median is not average. The average household income in the United States in 2022 was $105,555, while the median household income was $74,580. This is a 2.2% decline from 2021, when the median household income was $78,250.
Not worth living in Florida anymore. Everything is way overpriced and jobs don’t pay. It’s a trap!! You’ll be paying up the nose for auto insurance and homeowners insurance. And no, it is not a retirement friendly state. When you live on $2000 retirement money per month, you will die of hunger and you’ll be stuck in four walls as you can’t go anywhere. Retirees set their thermostats to 80° so they can afford a $300 per month electric bill. It’s ridiculous. They end up having to sell their pain pills just to get by. The only way you’ll get your moneys worth in Florida, and you will pay dearly for it is if you are an outdoors person. Such as going kayaking, snorkeling, boating, or spending every day at the beach. If you are working class, you’ll be lucky if you get 10 days a year, enjoying those activities. Other than that, you’re wasting your time. Disney/Universal/Orlando not worth going to anymore unless you go between December and February when you can enjoy cooler weather and slightly less congestion. Going once every five years is more than enough. These parks don’t change very much. Do yourselves a favor and just go to Florida on vacation for a week every few years or so if you have to get a Florida fix. Then you’ll only have to worry about getting robbed at gunpoint or shot. No biggie, regular Florida day 🤷🏻♂️😂
You left out insurance costs, mine are 12,000 a year because insurance companies have factored in the exposure to climate change, which our government does not recognize. Additionally, housing prices have far outpaced the cost of services so new home buyers are significantly overtaxed. You need to redo your calculations and you will find that people are better off paying state taxes
Yeah, no, different experience for us. We pay slightly more in home and car insurance in Florida than we did in Illinois. Sales taxes are the same. Our property taxes are half of what we paid in Illinois, and our home is valued at 33% more in Florida. Now consider we don’t pay 5% Illinois income (and capital gains) tax? We save somewhere between $30,000 and $40,000 in income and property taxes every year, in return for a few thousand more a year in insurance.
Without even watching this video, the property taxes here are astronomical for anyone looking now, or having purchased in the last four years and hasn’t been able to become a resident yet. Why in gods name should I pay five times the amount of property tax as the person who lives across the street from me when we have the same size are the same size piece of land and we receive the same services from the county in the city? because there are idiots who decided to hurt people who wanted to buy a second home in Florida yet it hurts the people who own one of them in Florida and can’t sell their home in another state that’s not being allowed to become residents because of a bunch of red tape. And it’s not right.
Hey Lisa , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
Your not escaping anything in Florida. You can really see why the very wealthy make Florida home. However, the average person or family has a very difficult time in Florida. Here's the truth. Food costs, insurance costs, property taxes ( HOA, CDD, Property Taxes combined), tolls, sales taxes and low wages are some of the worst in the country. That's just the money side. Quality of life issues are the same if not worse here too not to mention storms and flooding constantly wreak havoc down here. Pick your poison. My advice RENT! first.
@@globalfamily8172 The vast majority of people in Florida don't make that kind of income, and never will. Those kinds of incomes are in the top 12 percent of households, and hardly representative of the kinds of incomes you can expect to earn in Florida.
California has a cap on property taxes, we don’t pay tolls fir the best highways in the country, we pay state taxes and get a tax refund on the mail, Florida don’t.
California? That state is a mess and full of crazy people. My nephew is looking to escape that nutty state. And why would there be any refund for state taxes if you don't pay any state taxes in Florida? Getting a refund in California means you overpaid your taxes, nothing more.
Moved from NYC cesspool to Tampa Bay, Florida. Best thing we ever did. Wonderful life here for us. We are saving a ton on taxes. We didn't buy near the water in a non flood zone and our insurance has bearly changed. Paying 50% less in RE taxes than NY. Even our car insurance is cheaper. We live in a gated community with three pools and an enormous clubhouse with lots of activities. The weather is just like we like it, especially for me because I hate the cold and wearing coats, gloves, scarves, and socks. Riding the overcrowded smelly subway in NY was torture. My father had a Florida vacation home he sold. But because he still lives in NYC, he had to pay 22,000 in state and city capital gains tax. If he lived in Florida, he would have kept that money.
Yeah but your HOA fees are $1,200 a month 🥶
This is such an important topic. I have family in FL and TX and I tell people all the time not to fall for the no income tax narrative. Both of these states have no income tax and my relatives always complain about their absurdly high property tax, sales tax and other various fees. You have to look at the total tax (and fee) picture, not just income tax.
Gotta pay the bills one way or another
For sure! You need to think about all the taxes and fees, not just income tax. I think financial advisors can really help by looking at your whole financial picture, cutting down on any extra costs, and finding ways to handle property taxes smartly. This can take a load off homeowners, especially in places like FL and TX where taxes can be a bit tricky 🙁
you're spot on about the value of a financial advisor. As a businessman, moving from California to Texas, my advisor traded stocks for me, allowing me to purchase two homes worth $1.8m with the profits. While Texas property taxes are comparable to California's without Prop 13, being free from California state income taxes has significantly improved my financial standing.
I'd love to know who your advisor is. You see, I'm also a businessman living in America with my family, finding my way around the market can be tough as a beginner and i know i am not the only one. I have $400k saved up and ready to invest, but I could use some guidance.
She is well known as - Chasity George Charles. please do your own research.
With the cost of insurance in FL its no longer an attractive alternative
Pinellas county has the highest car insurance. Home insurance is very high. Seems like my escrow account is short by $2,000 for the past 2 years. Lived in my house since 2008 and my mortgage is cheaper than renting. Saint Petersburg has changed to St Lauderdale. Too many people in this county.
California's state income tax is NOT paid by every one with earnigs . There's an amount over which you have to earn to start paying and it starts at a very low rate. It's only when someone has very high incomes that higher rates of about 6% kick but still a large exempt amount is given. The high property taxes in Florida, and Texas, have to be paid wether you have taxable income or not. Retirees are going to become forced sellers when they can no longer afford the high property taxes and skyrocketing insurance. Actually, it's already happening,.
In CT it is 6% for upper middle. I thought you guys were higher.
Florida has changed in many ways over my 23 years here and not for the good. As of recently you even need a pass or payment to launch your boat! It’s all about money! Counties are very hungry to get extra money however they can to support their pet projects. Development has exploded especially in areas you wouldn’t think. Unfortunately Florida has become a bad state to live in, but a great state to vacation in for the wealthy… 🙄
Well my family moved from NYC and we find Florida to be a paradise. We are saving a lot in taxes and our quality of life has increased. No smelly overcrowded subway to deal with.🙂
My husband has a 90% disability rating. Do we get a tax break on our property taxes if we buy a home in FL?
Is it a veteran's disability?
There are all kinds of tax credits in Florida. The property taxes here will gut you. I’ve been comparing the 2 nearby states of Alabama and Georgia and have determined that with an income in the 350-450K range annually you are better off in either of those states paying the income tax. That’s not even bringing into play the homeowners insurance which is gut wrenching on its own. That said there are special interest groups like teachers, firefighters, police, emergency workers, blind people etc that some property tax relief doled out and put on the backs of the folks not covered by these ‘special interests’ Then if you’re a declared 100% disabled vet you pay zero property tax. You remember the marry-go-round gold ring? It’s a total free ride…seemed like a good idea at the time when it showed up on the voting ballot and yes I’m a veteran, just not disabled. Most vets deserve a break but I believe that break should come from the VA not the folks living in their county. So much for the tax warts. The State is beautiful, the roads are good, most counties have many amenities such as parks, boat ramps, some have beaches and river access. And the gators are not as bad as you’re told…as long as you stay out of Gainesville (University of Florida). But, those property taxes will kill you. Property Tax is based on the purchase price of the home and the real estate is soooo expensive here.
@johndrago8370 Huh? I saved 50% in property taxes by moving to Florida compared to when I owned a home in NYC. Maybe you really don't know everything?
Thanks for the video, Lisa. Is it true that if you pay for your home in cash, you aren’t eligible for the homestead?
No, that is not true!
@@LivingInSarasotaThank you for confirming!
@@LivingInSarasotacan Rudy Giuliani duck paying the Rigged 148 million verdict against him by a crooked judge and Rigged Trump hating jury, I heard if you had homestead you can protect assets 😮
She forgot to include Millage. That's another cost on the property.
Great information as always Lisa. Thank you! It seems anywhere someone decides to settle will have its pros and cons. Being informed and doing your research is the best way to make a decision.
Thanks so much. I agree, no place is perfect.
Since when did the average household in the United States earn 150+ a year? Nonsense.Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 US Census Bureau statistics. I loved living in Florida. Like anywhere else you have expensive parts and inexpensive parts.
median is not average. The average household income in the United States in 2022 was $105,555, while the median household income was $74,580. This is a 2.2% decline from 2021, when the median household income was $78,250.
$67,917.00 is the average household income in Florida.
Not worth living in Florida anymore. Everything is way overpriced and jobs don’t pay. It’s a trap!! You’ll be paying up the nose for auto insurance and homeowners insurance. And no, it is not a retirement friendly state. When you live on $2000 retirement money per month, you will die of hunger and you’ll be stuck in four walls as you can’t go anywhere. Retirees set their thermostats to 80° so they can afford a $300 per month electric bill. It’s ridiculous. They end up having to sell their pain pills just to get by. The only way you’ll get your moneys worth in Florida, and you will pay dearly for it is if you are an outdoors person. Such as going kayaking, snorkeling, boating, or spending every day at the beach. If you are working class, you’ll be lucky if you get 10 days a year, enjoying those activities. Other than that, you’re wasting your time. Disney/Universal/Orlando not worth going to anymore unless you go between December and February when you can enjoy cooler weather and slightly less congestion. Going once every five years is more than enough. These parks don’t change very much. Do yourselves a favor and just go to Florida on vacation for a week every few years or so if you have to get a Florida fix. Then you’ll only have to worry about getting robbed at gunpoint or shot. No biggie, regular Florida day 🤷🏻♂️😂
YOU SOUND LIKE A CLOWN….STOP!! What is wrong with you???
I lived in NYC and now live in Florida. It's paradise for my family. To each his own.
@@louv3347 They don't understand what it's like to pay 30k in property and state income tax. I'll take the 8k insurance bill.
Another great video Lisa. Very to the point and informative!
Hey, Lisa, Do you have any info on the new 3H ranch? Neal Signature is the builder I believe.
You left out insurance costs, mine are 12,000 a year because insurance companies have factored in the exposure to climate change, which our government does not recognize. Additionally, housing prices have far outpaced the cost of services so new home buyers are significantly overtaxed. You need to redo your calculations and you will find that people are better off paying state taxes
Yeah, no, different experience for us. We pay slightly more in home and car insurance in Florida than we did in Illinois. Sales taxes are the same. Our property taxes are half of what we paid in Illinois, and our home is valued at 33% more in Florida. Now consider we don’t pay 5% Illinois income (and capital gains) tax? We save somewhere between $30,000 and $40,000 in income and property taxes every year, in return for a few thousand more a year in insurance.
New government offices, new government employees, and great pay hikes..what great opportunity..
Without even watching this video, the property taxes here are astronomical for anyone looking now, or having purchased in the last four years and hasn’t been able to become a resident yet. Why in gods name should I pay five times the amount of property tax as the person who lives across the street from me when we have the same size are the same size piece of land and we receive the same services from the county in the city? because there are idiots who decided to hurt people who wanted to buy a second home in Florida yet it hurts the people who own one of them in Florida and can’t sell their home in another state that’s not being allowed to become residents because of a bunch of red tape. And it’s not right.
Huh?
Taxes are recalculated based on what you purchased for.
Not taxes per se, it's the constant rapid increase.
Don’t forget SBU’s taxes!
Hey Lisa , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?
Your not escaping anything in Florida. You can really see why the very wealthy make Florida home. However, the average person or family has a very difficult time in Florida. Here's the truth. Food costs, insurance costs, property taxes ( HOA, CDD, Property Taxes combined), tolls, sales taxes and low wages are some of the worst in the country. That's just the money side. Quality of life issues are the same if not worse here too not to mention storms and flooding constantly wreak havoc down here. Pick your poison. My advice RENT! first.
I ran the numbers. It's cheaper.
@@globalfamily8172 Only if you are wealthy. Everybody else pays more just to live.
@@Magnulus76 What is wealthy? If you have kids in college and earning 200k, trust me you are not wealthy like someone earning 1 million.
@@globalfamily8172 The vast majority of people in Florida don't make that kind of income, and never will. Those kinds of incomes are in the top 12 percent of households, and hardly representative of the kinds of incomes you can expect to earn in Florida.
California has a cap on property taxes, we don’t pay tolls fir the best highways in the country, we pay state taxes and get a tax refund on the mail, Florida don’t.
California? That state is a mess and full of crazy people. My nephew is looking to escape that nutty state. And why would there be any refund for state taxes if you don't pay any state taxes in Florida? Getting a refund in California means you overpaid your taxes, nothing more.
Please explain "we pay state taxes and get a tax refund on the mail"
Best highways in the country? No way. One of the first things I notice visiting CA from FL is the terrible road and freeway conditions in LA and SD.
You pay one way or another
Nice Lady..😁😁😁😁😁😁😁
State income tax or NOT….u can have Florida. It’s a dump no class at all
Really???????
@@Knowledge-b6o really
You don’t talk about your own mother like that period……. 😂😂😂😂😂😂😂😂😂😂
@@gearmonkey5904 get the fook out u fool as fast as u can
Florida is awful place to live w a family
Problem with the no class issue is from all the Democrats running from the 💩 holes they created to an area they want to destroy once again! 🤬
The average income is $150-$200?😂😂😂
household. Unless you live in the midwest, both coasts have households with that kind of income. Even the Petco manager makes 70k.