Florida has been ranked among the top inbound states. This indicates that several people choose the city to relocate there. Out of them, a major chunk of people is from New York City.
The major attractions of Florida are year-round sunshine, and warmth, serene and alluring beaches, low cost of living, and plenty of outdoor attractions. The city assures you of an amazing lifestyle. Here are some tips to assist you in relocation.
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Florida is the southernmost state that is best known for its diverse wildlife, an abundance of beaches, and tropical climate. Besides its silvery sandy beaches, the state has plenty to offer to its residents.
It is the home to huge metropolises that includes Tampa, Miami, Orlando, etc. Other areas of the state like Jacksonville, Tallahassee, Palm Beach, and Sarasota, offer a more southern feel.
Weather is a key factor that compels people to relocate to Florida. Due to the sunny days and warm weather, the state is popularly called “The Sunshine State”. The temperate climate keeps attracting New Yorkers who are in search of a new place in the US.
People no more need to face the freezing cold winters and snow during winters. Due to its pleasant weather, people can easily plan an outside activity at any time during the year.
Easy Bankruptcy Laws
Another favourable thing about Florida is that it has less strict bankruptcy laws than other states. These laws enable a primary residence of limitless value to get protected from creditors. Florida is a good option for people who are at risk of litigation that could put them into bankruptcy.
No Personal Income Tax
Another good thing about Florida is that there the residents are not entitled to pay personal income tax. This way it saves NYC residents to pay high taxes. Also, there is a stricter cap on local and state tax deductions. Residents of Florida are relieved from paying city and state personal income taxes.
The new tax laws favor low-tax paying states like Florida. This makes it relatively cheaper than other high-tax paying states. There is also no capital gains tax for people who live in Florida. The city residents have no estate tax.
This implies that their assets are subjected to only the federal tax. The federal estate tax code permits the exemption of $5.85 million for primary residents and U.S. citizens.
Affordable Cost of Living
The cost of living in the state is substantially cheaper than in NYC. The cost of the poshest cities in the state is cheaper than Manhattan. Besides cheaper housing, Florida is one of those US states where the residents are exempted from paying a state income tax. This provides an opportunity for the residents to save more.
All these incredible benefits of the Florida state make it an attractive place to live. This diversified state has ample incentives for NYC residents who plan to buy a new home. Considering these advantages, relocation from NYC to Florida makes it a worthwhile decision.