Tax Friendly Southwest Florida Real Estate
Demand for tax friendly Southwest Florida real estate is expected to get a boost due to new rules within the federal tax bill signed into law this past December. Rules now cap “SALT” (state and local tax deductions) to only $10,000. Previously, these deductions were unlimited, and include real estate, and either income taxes or sales taxes. For those of you who itemize deductions, it is likely that your income taxes exceed that amount, even the property and sales taxes. If you happen to live within a relatively high tax state (say, New York or New Jersey) this could ultimately mean NOW is a good time to declare Florida as your “home” because we have NO state income tax.
And indeed, since this law has come into effect, there has been an uptick in real estate inquiries, particularly from more affluent customers originally from the East coast. That makes sense when you consider New York has a maximum 8.82 percent state income tax. Therefore, tax on any income over $120,000 has already well-exceeded the $10,000 cap.
With respect to tax friendly Southwest Florida real estate, it is believed the cap rules are factoring in increased demand. In Naples, during the first quarter, home sales priced above the $1 million mark were up 61 percent according to the Naples Area Board of Realtors. What’s more, pending sales of condominium’s priced at $2 million or more increased by 109 percent from the same time last year.
Along with our sunshine and coastlines, Florida has long been promoted as a tax-friendly state. In fact, a recent Kiplinger Report further affirmed Florida’s ranking among America’s most tax-friendly of states. Indeed, the cap on SALT deductions could be a tipping point that pushes some high-income residents in other areas of the country to now consider calling Florida “home.”
For more information on Southwest Florida real estate, connect with me by submitting the form below:
Current Tax Friendly Southwest Florida Real Estate For Sale
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New$550,0003 BEDS2 BATHS1100 SQFT
Naples Park
Courtesy of RE/MAX Realty Team
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New$1,159,0004 BEDS2 BATHS2480 SQFT
Victoria Park
Courtesy of Phelps Realty Services
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New$800,0002 BEDS2 BATHS1582 SQFT
Willoughby Acres
Courtesy of Keller Williams Elite Realty 2
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New$569,0003 BEDS2 BATHS1627 SQFT
Golden Gate Estates
Courtesy of Mamba Realty LLC
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New$450,0003 BEDS2 BATHS1661 SQFT
Bn12 - East Of I-75 South Of Cit
Courtesy of Buena Vida Realty & Property Management
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New$1,275,0003 BEDS3 BATHS2250 SQFT
Na31 - E/o Collier Blvd N/o Vanderbilt
Courtesy of Realty World J. PAVICH R.E.
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New$799,0004 BEDS3 BATHS2032 SQFT
Fm21 - Fort Myers Area
Courtesy of Red 1 Realty LLC
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New$6,390,0004 BEDS5 BATHS2852 SQFT
Golden Shores
Courtesy of John R Wood Properties
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New$349,9003 BEDS2 BATHS1219 SQFT
The Enclave At Naples
Courtesy of Florida Property Brokers
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New$2,950,0003 BEDS3 BATHS2145 SQFT
Park Shore
Courtesy of John R Wood Properties
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New$1,225,0003 BEDS4 BATHS2577 SQFT
Es03 - Estero
Courtesy of Premiere Plus Realty Company
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New$775,0003 BEDS2 BATHS2069 SQFT
Na37 - East Collier S/o 75 E/o 9
Courtesy of Compass
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