August 10, 2018
After seeing the U.S. tax overhaul passed last December, many high-net-worth individuals are packing their bags and moving to South Florida to soak up the sun and serious tax savings. Luxury home prices have been surging ever since the tax law went into effect. The second quarter of 2018 saw a 16 percent jump from the previous year. Additionally, prices for the top 5 percent of properties rose at the fastest pace in 5 years.
High-income earners are speaking out. They are making the move to the Sunshine State because of taxes. The new cap on deductions can significantly change the relative cost of living between high-cost and low-cost states. Despite the deduction bite, the tax changes generally favor rich Americans, who may be using the savings to buy second homes, with Florida being a familiar hunting ground.
Source: Bloomberg News
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