Tax Savings Calculators

Discover how much you could save by relocating to Florida

Florida Tax Savings Opportunities

Florida offers multiple tax advantages beyond the zero state income tax and zero estate tax. Use these calculators to estimate your potential savings across different financial scenarios.

Homestead Exemption

Florida removes the first $50,000 of assessed home value from property taxation, significantly reducing annual property tax bills for homeowners.

Retirement Income Exemption

All retirement income including pensions, IRAs, and 401(k) distributions are completely exempt from Florida state taxation.

Business Sale Benefits

When selling a business, Florida residents pay only federal capital gains taxes, not state taxes, preserving more proceeds for reinvestment.

Lifetime Wealth Preservation

Over a lifetime, the cumulative tax savings from Florida's zero-tax environment can amount to millions of dollars in preserved wealth.

Comparing New York City, New York (Income Tax: 14.776%, Estate Tax: 3.06–16%, Property Tax: 1.72%) vs. Florida (Income Tax: 0%, Estate Tax: 0%, Property Tax: ~0.83%)

Homestead Exemption & Property Tax Savings

New York City, New York property taxes average 1.72% of home value. Florida's homestead exemption removes $50,000 of assessed value from taxation.

$100k$5M

New York City Annual Property Tax

$8,600

Florida Annual Property Tax

$3,735

Annual Savings

$4,865

Over 20 years: $97,300 in savings

Key Tax Savings Insights

1

Property Tax Savings

On a $1 million home, the homestead exemption saves approximately $415 annually compared to New York's property tax rates. Over 20 years, that's $8,300 in savings.

2

Retirement Income Exemption

A retiree with $100,000 in annual retirement income saves approximately $6,500 per year by living in Florida instead of New York. Over 30 years of retirement, that's $195,000 in savings.

3

Business Sale Proceeds

A business owner selling a $10 million company saves approximately $3 million in capital gains taxes by establishing Florida residency before the sale.

4

Lifetime Wealth Preservation

For a high-net-worth individual with $20 million in assets, the lifetime tax savings from Florida residency can exceed $10 million over 20 years.

Ready to Explore Your Tax Savings Potential?

Contact Perry Corneau to discuss your specific situation and create a personalized relocation strategy.

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