Talk of The Villages Florida - View Single Post - Advantage of being a Florida Resident?
Thread: Advantage of being a Florida Resident?
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Old 04-18-2022, 10:00 AM
HIgolfers HIgolfers is offline
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Originally Posted by rustyp View Post
An excellent question almost impossible to answer. I have done the snowbird thing for 14 years +. I did make the decision to become a FL resident early in the game. At that time it was an easy decision because I was an early retiree in my 50's and it saved me from paying income tax to my northern state. However after 65 and pensions and other old people benefits I think it might be close to a wash from that end today for my own particular set of circumstances. I will tell you where the real advantage has now been for me - homestead. My northern state does not have a very lucrative type of homestead benefit. By homesteading here in FL 14 years ago I am saving a bundle in property taxes on my FL home. My taxes on my FL home today would be double what I actually pay per the tax estimation printout the local municipality send me each year.
Wow! Homestead is saving you 50%?
We’ve been here 5 years and the way I’m reading my tax bill the homestead exemption drops our assessed value about 16%. I’m not complaining but it’s not that big a deal.