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$2,995,0004 BEDS2 BATHS1976 SQFT
Acreage Header
Courtesy of Marzucco Real Estate
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New$2,0002 BEDS2 BATHS1260 SQFT
Glades
Courtesy of Lakes Area Realty of Naples
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New$1,690,0003 BEDS3 BATHS2579 SQFT
Pelican Bay
Courtesy of Fort Myers Beach Realty
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New$419,9003 BEDS2 BATHS1823 SQFT
Terra Vista
Courtesy of Key Real Estate
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New$375,0002 BEDS2 BATHS1116 SQFT
Naples Bath And Tennis
Courtesy of William Raveis Real Estate
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New$675,0004 BEDS2 BATHS2011 SQFT
Fountain Lakes
Courtesy of The Agency Naples
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New$849,0004 BEDS3 BATHS2527 SQFT
Glen Eagle
Courtesy of Realty World Top Producers Rlt
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New$899,0004 BEDS3 BATHS2897 SQFT
Saturnia Lakes
Courtesy of MVP Realty Associates LLC
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New$769,0003 BEDS2 BATHS1467 SQFT
Briarwood
Courtesy of Waterfront Realty Group Inc
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New$668,9003 BEDS3 BATHS1984 SQFT
Lely Resort
Courtesy of MVP Realty Associates LLC
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New$449,0003 BEDS2 BATHS1554 SQFT
Rivard Villas
Courtesy of William Raveis Real Estate
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New$330,0002 BEDS2 BATHS1404 SQFT
Bermuda Park
Courtesy of Douglas Elliman Florida,LLC
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