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$529,2282 BEDS2 BATHS1480 SQFT
Arboretum
Courtesy of Mattamy Real Estate Services
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New$1,799,0003 BEDS4 BATHS2817 SQFT
Golden Gate Estates
Courtesy of Premiere Plus Realty Company
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New$499,0003 BEDS2 BATHS1612 SQFT
Coconut Point
Courtesy of Coldwell Banker Realty
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New$524,9003 BEDS2 BATHS1928 SQFT
Carlton Lakes
Courtesy of Gulf Breeze Real Estate LC
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New$670,0002 BEDS2 BATHS1849 SQFT
Madison Park
Courtesy of MVP Realty Associates LLC
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New$700,0004 BEDS3 BATHS2032 SQFT
Bn12 - East Of I-75 South Of Cit
Courtesy of DomainRealty.com LLC
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New$930,0003 BEDS2 BATHS2314 SQFT
Berkshire Lakes
Courtesy of Premiere Plus Realty Company
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New$404,9002 BEDS2 BATHS1232 SQFT
Heritage Bay
Courtesy of Your Naples Realty LLC
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New$1,690,0005 BEDS6 BATHS4400 SQFT
Golden Gate Estates
Courtesy of Mato Realty, LLC
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New$949,0004 BEDS3 BATHS2507 SQFT
Verona Walk
Courtesy of Real Estate Specialty Svcs II
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New$674,9003 BEDS2 BATHS1546 SQFT
Lake Kelly
Courtesy of Sun Realty
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New$499,0003 BEDS2 BATHS1770 SQFT
Lely Resort
Courtesy of Downing Frye Realty Inc.
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