Florida vs New York Taxes: What Relocating Families Save in 2026
As someone who spent years at Smith Barney before entering real estate, I think about the tax differential in concrete financial terms.
State Income Tax
New York State: up to 10.9%. Add NYC tax (3.876%) and you're at 14.776% marginal. Florida: zero. For a $750K household, that's $80-100K+ annually in savings.
Property Taxes
Florida property taxes are roughly comparable to New York's (1.5-2%). However, Florida's homestead exemption reduces assessed value by $50K, and the Save Our Homes amendment caps annual increases at 3%.
Estate Tax
New York: up to 16% on estates exceeding $6.94M. Florida: zero. For high-net-worth families, this is often the deciding factor.
What This Means for Real Estate
Annual tax savings often cover a significant portion of a luxury home's carrying costs. Your Parkland home effectively costs much less than the sticker price. See our investment analysis approach →