New data shows that New Yorkers can save around $200,000 each year by moving to Miami. That doesn’t even include the huge savings on property taxes.
So, how much could you save by moving south? Why do you still need to address and get your property taxes lowered if you decide to flee? What can you do to save money in place if the heat isn’t for you?
Huge Savings For Those Moving Out Of State
According to data from Bloomberg and a new study by SmartAsset, high income earning New Yorkers can save as much as $200k each year by moving to Miami. All thanks to lower living costs, and lower taxes, including no state income taxes.
Even those making $150,000 a year can save close to $50,000 a year by making the move. That’s 30% of your salary, each and every year.
The Property Tax Factor
The above savings don’t even include the additional huge annual savings on property taxes.
Property taxes can be much cheaper in other states. If you don’t love the mayhem of Miami, then picking a more rural property, and maximizing your potential exemptions for homestead or agriculture can mean you almost pay nothing in annual property taxes, and are protected from annual increases.
This alone may save you thousands, tens of thousands, or more.
Don’t Like Sweating Or Mosquitos?
Miami isn’t for everyone. The south in general isn’t for everyone. At least not outside of the occasional vacation.
Property in the south has also become dramatically more expensive in recent years thanks to everyone else leaving NY and CA. Others just don’t want the politics, or are finding more New Yorkers just aren’t very welcome after so many have already moved in.
Besides, if you have family here and have built a life on Long Island, you may never be lured away.
Fortunately, you can still greatly reduce your annual bills by allowing Property Tax Adjusters, Ltd. to file an appeal on your behalf. You might be surprised at how much you can save, and how much you’ve been blindly overpaying on your property taxes each year.
Selling Up And Moving? You Still Need To Challenge Your Property Taxes
If you do decide you want to move out of state, your NY property taxes need to be paid up by the time you close on selling your property here. That can be much easier after you appeal and get a reduction.
Property taxes are also one of the make or break factors, and deciding factors between which houses buyers choose. When looking at similar homes in an area, buyers will choose the one with the lower property tax bill. So, even if you are thinking of leaving, reduce your taxes, and you may find it helps you sell for more money, which you can use to cover the cost of your move.