Florida Taxes. Do you really save money on Taxes in Florida??

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Lisa McBride- Sarasota Neighborhood Experts

Ай бұрын

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Пікірлер: 68

@lauraallisonn Ай бұрын

This is such an important topic. I have family in FL and TX and I tell people all the time not to fall for the no income tax narrative. Both of these states have no income tax and my relatives always complain about their absurdly high property tax, sales tax and other various fees. You have to look at the total tax (and fee) picture, not just income tax.

@ethimself5064 Ай бұрын

Gotta pay the bills one way or another

@eabhaconnor2 Ай бұрын

For sure! You need to think about all the taxes and fees, not just income tax. I think financial advisors can really help by looking at your whole financial picture, cutting down on any extra costs, and finding ways to handle property taxes smartly. This can take a load off homeowners, especially in places like FL and TX where taxes can be a bit tricky 🙁

@stevenorris1 Ай бұрын

you're spot on about the value of a financial advisor. As a businessman, moving from California to Texas, my advisor traded stocks for me, allowing me to purchase two homes worth $1.8m with the profits. While Texas property taxes are comparable to California's without Prop 13, being free from California state income taxes has significantly improved my financial standing.

@davidbenett1 Ай бұрын

I'd love to know who your advisor is. You see, I'm also a businessman living in America with my family, finding my way around the market can be tough as a beginner and i know i am not the only one. I have $400k saved up and ready to invest, but I could use some guidance.

@stevenorris1 Ай бұрын

She is well known as - Chasity George Charles. please do your own research.

@louv3347 Ай бұрын

Moved from NYC cesspool to Tampa Bay, Florida. Best thing we ever did. Wonderful life here for us. We are saving a ton on taxes. We didn't buy near the water in a non flood zone and our insurance has bearly changed. Paying 50% less in RE taxes than NY. Even our car insurance is cheaper. We live in a gated community with three pools and an enormous clubhouse with lots of activities. The weather is just like we like it, especially for me because I hate the cold and wearing coats, gloves, scarves, and socks. Riding the overcrowded smelly subway in NY was torture. My father had a Florida vacation home he sold. But because he still lives in NYC, he had to pay 22,000 in state and city capital gains tax. If he lived in Florida, he would have kept that money.

@matt7iron Ай бұрын

Yeah but your HOA fees are $1,200 a month 🥶

@jhonsonrengifo 14 күн бұрын

$67,917.00 is the average household income in Florida.

@Mike-ew9zn Ай бұрын

Florida has changed in many ways over my 23 years here and not for the good. As of recently you even need a pass or payment to launch your boat! It’s all about money! Counties are very hungry to get extra money however they can to support their pet projects. Development has exploded especially in areas you wouldn’t think. Unfortunately Florida has become a bad state to live in, but a great state to vacation in for the wealthy… 🙄

@louv3347 Ай бұрын

Well my family moved from NYC and we find Florida to be a paradise. We are saving a lot in taxes and our quality of life has increased. No smelly overcrowded subway to deal with.🙂

@rafaelmariscal9170 Ай бұрын

California's state income tax is NOT paid by every one with earnigs . There's an amount over which you have to earn to start paying and it starts at a very low rate. It's only when someone has very high incomes that higher rates of about 6% kick but still a large exempt amount is given. The high property taxes in Florida, and Texas, have to be paid wether you have taxable income or not. Retirees are going to become forced sellers when they can no longer afford the high property taxes and skyrocketing insurance. Actually, it's already happening,.

@globalfamily8172 Ай бұрын

In CT it is 6% for upper middle. I thought you guys were higher.

@user-pe2cm3gq5d 29 күн бұрын

Good info but please… ditch the annoying background music.

@coralpetals Ай бұрын

Thanks for the video, Lisa. Is it true that if you pay for your home in cash, you aren’t eligible for the homestead?

@LivingInSarasota Ай бұрын

No, that is not true!

@coralpetals Ай бұрын

@@LivingInSarasotaThank you for confirming!

@matt7iron Ай бұрын

@@LivingInSarasotacan Rudy Giuliani duck paying the Rigged 148 million verdict against him by a crooked judge and Rigged Trump hating jury, I heard if you had homestead you can protect assets 😮

@MG-G2G Ай бұрын

Great information as always Lisa. Thank you! It seems anywhere someone decides to settle will have its pros and cons. Being informed and doing your research is the best way to make a decision.

@LivingInSarasota Ай бұрын

Thanks so much. I agree, no place is perfect.

@monymony68 Ай бұрын

My husband has a 90% disability rating. Do we get a tax break on our property taxes if we buy a home in FL?

@onemishelle Ай бұрын

Is it a veteran's disability?

@jsd354 Ай бұрын

There are all kinds of tax credits in Florida. The property taxes here will gut you. I’ve been comparing the 2 nearby states of Alabama and Georgia and have determined that with an income in the 350-450K range annually you are better off in either of those states paying the income tax. That’s not even bringing into play the homeowners insurance which is gut wrenching on its own. That said there are special interest groups like teachers, firefighters, police, emergency workers, blind people etc that some property tax relief doled out and put on the backs of the folks not covered by these ‘special interests’ Then if you’re a declared 100% disabled vet you pay zero property tax. You remember the marry-go-round gold ring? It’s a total free ride…seemed like a good idea at the time when it showed up on the voting ballot and yes I’m a veteran, just not disabled. Most vets deserve a break but I believe that break should come from the VA not the folks living in their county. So much for the tax warts. The State is beautiful, the roads are good, most counties have many amenities such as parks, boat ramps, some have beaches and river access. And the gators are not as bad as you’re told…as long as you stay out of Gainesville (University of Florida). But, those property taxes will kill you. Property Tax is based on the purchase price of the home and the real estate is soooo expensive here.

@louv3347 Ай бұрын

@johndrago8370 Huh? I saved 50% in property taxes by moving to Florida compared to when I owned a home in NYC. Maybe you really don't know everything?

@eclecticmakerspace Ай бұрын

Another great video Lisa. Very to the point and informative!

@onemishelle Ай бұрын

Hey, Lisa, Do you have any info on the new 3H ranch? Neal Signature is the builder I believe.

@s.c.6367 Ай бұрын

Since when did the average household in the United States earn 150+ a year? Nonsense.Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 US Census Bureau statistics. I loved living in Florida. Like anywhere else you have expensive parts and inexpensive parts.

@globalfamily8172 Ай бұрын

median is not average. The average household income in the United States in 2022 was $105,555, while the median household income was $74,580. This is a 2.2% decline from 2021, when the median household income was $78,250.

@user-iq9mn6lj6b Ай бұрын

Not worth living in Florida anymore. Everything is way overpriced and jobs don’t pay. It’s a trap!! You’ll be paying up the nose for auto insurance and homeowners insurance. And no, it is not a retirement friendly state. When you live on $2000 retirement money per month, you will die of hunger and you’ll be stuck in four walls as you can’t go anywhere. Retirees set their thermostats to 80° so they can afford a $300 per month electric bill. It’s ridiculous. They end up having to sell their pain pills just to get by. The only way you’ll get your moneys worth in Florida, and you will pay dearly for it is if you are an outdoors person. Such as going kayaking, snorkeling, boating, or spending every day at the beach. If you are working class, you’ll be lucky if you get 10 days a year, enjoying those activities. Other than that, you’re wasting your time. Disney/Universal/Orlando not worth going to anymore unless you go between December and February when you can enjoy cooler weather and slightly less congestion. Going once every five years is more than enough. These parks don’t change very much. Do yourselves a favor and just go to Florida on vacation for a week every few years or so if you have to get a Florida fix. Then you’ll only have to worry about getting robbed at gunpoint or shot. No biggie, regular Florida day 🤷🏻‍♂️😂

@user-hi8kg1nc6y Ай бұрын

YOU SOUND LIKE A CLOWN….STOP!! What is wrong with you???

@louv3347 Ай бұрын

I lived in NYC and now live in Florida. It's paradise for my family. To each his own.

@globalfamily8172 Ай бұрын

@@louv3347 They don't understand what it's like to pay 30k in property and state income tax. I'll take the 8k insurance bill.

@frankrusso2093 Ай бұрын

Your not escaping anything in Florida. You can really see why the very wealthy make Florida home. However, the average person or family has a very difficult time in Florida. Here's the truth. Food costs, insurance costs, property taxes ( HOA, CDD, Property Taxes combined), tolls, sales taxes and low wages are some of the worst in the country. That's just the money side. Quality of life issues are the same if not worse here too not to mention storms and flooding constantly wreak havoc down here. Pick your poison. My advice RENT! first.

@globalfamily8172 Ай бұрын

I ran the numbers. It's cheaper.

@jimshoe402 Ай бұрын

Nice Lady..😁😁😁😁😁😁😁

@kdtune33 Ай бұрын

Not taxes per se, it's the constant rapid increase.

@khbow2810 Ай бұрын

Without even watching this video, the property taxes here are astronomical for anyone looking now, or having purchased in the last four years and hasn’t been able to become a resident yet. Why in gods name should I pay five times the amount of property tax as the person who lives across the street from me when we have the same size are the same size piece of land and we receive the same services from the county in the city? because there are idiots who decided to hurt people who wanted to buy a second home in Florida yet it hurts the people who own one of them in Florida and can’t sell their home in another state that’s not being allowed to become residents because of a bunch of red tape. And it’s not right.

@louv3347 Ай бұрын

Huh?

@lovly2cu725 Ай бұрын

Taxes are recalculated based on what you purchased for.

@jsd354 Ай бұрын

Don’t forget SBU’s taxes!

@richardadams6988 Ай бұрын

New government offices, new government employees, and great pay hikes..what great opportunity..

@lovly2cu725 Ай бұрын

You pay one way or another

@divyv20 Ай бұрын

Hey Lisa , very good video . I can do better editing in your videos which can help you to get more engagement in your videos . Pls lmk what do you think ?

@mannettegaray2589 Ай бұрын

California has a cap on property taxes, we don’t pay tolls fir the best highways in the country, we pay state taxes and get a tax refund on the mail, Florida don’t.

@louv3347 Ай бұрын

California? That state is a mess and full of crazy people. My nephew is looking to escape that nutty state. And why would there be any refund for state taxes if you don't pay any state taxes in Florida? Getting a refund in California means you overpaid your taxes, nothing more.

@globalfamily8172 Ай бұрын

Please explain "we pay state taxes and get a tax refund on the mail"