NC snowbird questions

[chuckandbernice]

We are soon to close on property and have questions.
Should we spend 6 months plus in TV to become FL residents to reduce NC income tax?
If we do that will our car insurance go through the roof?
Any advice on this transition will be greatly appreciated.

Chuck

[l2ridehd]

By staying 6 months you will eliminate NC income tax and also qualify for the Florida homestead exemption on property tax. Which should more then offset any car registration cost increase.

[Tbugs]

Your North Carolina income tax would not be eliminated if you are earning money while in North Carolina - even if you become a Florida resident.

If your home in North Carolina is larger than the one in The Villages, you might end up paying more in property tax in NC since you cannot have 2 houses as primary residence for claiming homestead exemption.

You would have to check on the car insurance through your own insurance company to make comparisons. It is not cheap to register a car in Florida - and be prepared to have ALL the required information and documents when you go for the license and registration. It is a lot of hassle that kicked in beginnng in 2010.

[Bill-n-Brillo]

Your North Carolina income tax would not be eliminated if you are earning money while in North Carolina - even if you become a Florida resident.

If your home in North Carolina is larger than the one in The Villages, you might end up paying more in property tax in NC since you cannot have 2 houses as primary residence for claiming homestead exemption.

You would have to check on the car insurance through your own insurance company to make comparisons. It is not cheap to register a car in Florida - and be prepared to have ALL the required information and documents when you go for the license and registration. It is a lot of hassle that kicked in beginnng in 2010.

Ditto! :)

Bill