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$497,0002 BEDS3 BATHS1501 SQFT
Imperial Golf Estates
Courtesy of MVP Realty Associates LLC
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New$420,0002 BEDS2 BATHS1350 SQFT
Lely Tropical Estates
Courtesy of Premiere Plus Realty Company
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New$579,0002 BEDS2 BATHS1676 SQFT
Esplanade By The Islands
Courtesy of Premier Sotheby's Int'l Realty
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New$510,0003 BEDS2 BATHS1952 SQFT
Orange Tree
Courtesy of A Plus Realty
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New$559,0002 BEDS2 BATHS1702 SQFT
Lakewood
Courtesy of Premiere Plus Realty Company
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New$600,0003 BEDS2 BATHS1423 SQFT
Country Creek
Courtesy of Pfeifer Realty Group LLC
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New$525,0002 BEDS2 BATHS995 SQFT
Bonita Bay
Courtesy of Keller Williams Realty Naples
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New$895,0002 BEDS2 BATHS1190 SQFT
The Anchorage
Courtesy of Gallant Real Estate LLC
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New$869,4105 BEDS3 BATHS3250 SQFT
Golden Gate Estates
Courtesy of Florida Property Brokers
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New$1,300,0003 BEDS4 BATHS3289 SQFT
Imperial Golf Estates
Courtesy of John R Wood Properties
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New$2,275,0003 BEDS4 BATHS3585 SQFT
Stonecreek
Courtesy of Douglas Elliman Florida, LLC
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New$28,0002 BEDS1 BATHS784 SQFT
Caribbean Mobile Home Park
Courtesy of Xclusive Homes LLC
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