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$342,0003 BEDS2 BATHS1367 SQFT
Pinewoods
Courtesy of John R Wood Properties
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New$8,350,0004 BEDS5 BATHS4160 SQFT
Pelican Bay
Courtesy of Compass Florida LLC
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New$1,050,0003 BEDS3 BATHS2308 SQFT
Riverstone
Courtesy of Keller Williams Elite Realty 2
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New$789,9993 BEDS3 BATHS3010 SQFT
Fiddler's Creek
Courtesy of Coldwell Banker Realty
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New$13,900,0005 BEDS5 BATHS5298 SQFT
Park Shore
Courtesy of William Raveis Real Estate
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New$1,625,0003 BEDS4 BATHS3039 SQFT
Isles Of Capri
Courtesy of Keller Williams Realty Naples
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New$465,0003 BEDS3 BATHS2011 SQFT
Es01 - Estero
Courtesy of Compass Florida, LLC.
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New$439,9003 BEDS2 BATHS1402 SQFT
Huntington Lakes
Courtesy of Premiere Plus Realty Company
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New$389,9002 BEDS2 BATHS1198 SQFT
Sterling Oaks
Courtesy of Premier Property Management
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New$644,9003 BEDS3 BATHS1832 SQFT
Queens Park
Courtesy of RE/Max Affinity Plus Naples
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New$498,8883 BEDS2 BATHS1653 SQFT
Bonita Springs
Courtesy of North American Home Realty LLC
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New$895,0005 BEDS3 BATHS3005 SQFT
Bella Terra
Courtesy of Engel&Voelkers Naples Bonita
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