Why Should You Consider a Florida Retirement?
Did you know that the Sunshine State is one of the top retirement destinations? From its great weather, arts and cultural destinations, and beautiful beaches, this state proves an irresistible destination to those looking to relocate after retirement. However, one outstanding factor that separates Florida from the rest is the state’s tax friendliness. Take a more in-depth look at the tax breaks and financial benefits here. This is your chance to take full advantage of what Florida has to offer!
No State Income Tax
Florida is one of only seven states that have no personal income tax. It’s no wonder residents of highly taxed states like New York find living here so attractive! For those that are still working, Florida is the best place to stretch your money further. Florida also has one of the more favorable sales tax rates in the country at 7%.
Retirement Income Exemption
Because Florida has no state income tax, this means any retirement income is also exempt from state taxation. Any money that’s received from Individual Retirement Accounts, private and public pensions, 401(k), and even social security is completely free of in-state taxation. That alone could benefit thousands in tax savings for retirees who decide to make Florida home.
While property taxes are one of the primary sources of revenue for local governments, property tax rates are considerably low in Florida. The state’s average effective property tax rate is 0.98% which is just below the national average of 1.08%. In addition to the lower rate of Florida’s property tax, there’s a sizable deduction available for lower-income seniors over the age of 65 who’ve lived in the state for at least 25 years. As noted by Kiplinger, Florida residents with household income not exceeding $30,721 (as of 2020) may qualify for an extra homestead exemption of up to $50,000 from some city and county governments.
There’s just no state like Florida that offers these amazing financial advantages. For those who are looking to make a move to South Florida, Naples often ranks among the top of the list for retirement destinations. No matter what your preference is, there are plenty of activities and ways to celebrate life in Naples, Florida. One community that stands above the rest and embraces the Casually Awesome way of life is Naples Reserve.
A best-selling South Naples community, Naples Reserve offers 18 fully decorated models that are available to tour by Southwest Florida’s premier homebuilders, including Ashton Woods, D.R. Horton, Florida Lifestyle Homes, KTS Homes, Lundstrom Development, Marvin Development, McGarvey Custom Homes and Stock Signature Homes. A wide selection of homes is just one reason why Naples Reserve consistently ranks as the best- and fastest-selling South Naples community. New homes are priced from the low $300s to over $1 million.
Naples Reserve’s 22 interconnected lakes serve as a playground for hydrobikes, kayaking, canoeing, paddle boarding, and scenic boat rides. At the core, the 125-acre Eagle Lake surrounds Kontiki Island. Naples Reserve is also located adjacent to the Picayune Strand State Forest, a 76,000-acre state park with protected pinelands, marshes, and abundant wildlife. Its close proximity to downtown Naples and Marco Island brings residents within easy reach of the best things of Southwest Florida including great golf, world-class culture, shopping down 5th Avenue, and watching sunsets over the waters of the Gulf of Mexico.
Naples Reserve’s Welcome Center is located at 14885 Naples Reserve Circle in Naples, Florida. All 18 designer models are open daily for future homebuyers to discover what makes life here so Casually Awesome. Call (239)732-1414 or visit NaplesReserve.com for more information.