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.”
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Current Tax Friendly Southwest Florida Real Estate For Sale
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New$950,0005 BEDS2 BATHS2600 SQFT
Golden Gate Estates
Courtesy of JPM Realty Advisors, LLC
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New$1,350,0003 BEDS2 BATHS2837 SQFT
Wilshire Lakes
Courtesy of Keller Williams Realty Naples
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New$750,0004 BEDS3 BATHS2562 SQFT
Es03 - Estero
Courtesy of Keller Williams Elite Realty
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New$320,0002 BEDS2 BATHS1317 SQFT
Fountains
Courtesy of The Agency Naples
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New$639,0003 BEDS3 BATHS2878 SQFT
Meadows Of Estero
Courtesy of Realty One Group Connections
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New$454,9003 BEDS2 BATHS1748 SQFT
Madison Park
Courtesy of Waterfront Realty Group Inc
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New$495,0002 BEDS2 BATHS1232 SQFT
Treviso Bay
Courtesy of Premier Property Management
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New$760,0004 BEDS3 BATHS2555 SQFT
Reflection Lakes Of Naples
Courtesy of John R Wood Properties
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New$4,300,0004 BEDS5 BATHS3641 SQFT
Isles Of Collier Preserve
Courtesy of HomeSmart
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New$746,0003 BEDS2 BATHS1981 SQFT
Es03 - Estero
Courtesy of Sun Realty USA, Inc.
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New$1,499,0003 BEDS3 BATHS2496 SQFT
Greyhawk At Golf Club Of The Everglades
Courtesy of John R Wood Properties
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New$342,0003 BEDS2 BATHS1367 SQFT
Pinewoods
Courtesy of John R Wood Properties
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