Property taxes aren’t just causing workers, homeowners and small businesses to flee the Empire State. Now, new data shows large numbers of financial firms heading out of state too.
There has been concerns for years that New York has lost its position as the financial capital of the world. We certainly don’t seem to be heading in the right direction with not only the exodus of many major retailers, but now financial firms as well. It all seems to come down to the taxes.
Almost half a million people left New York last year. Many of whom are moving to Florida, now dubbed the new ‘Wall Street of the South’.
There’s a lot to love about NY, but the taxes are just too high. Even for wealthy finance companies. Palm Beach County, Florida says it has been attracting more financial companies from the northeast than the president of its Business Development Board can count. They now even have a dedicated department, just to help with these corporate relocations. Of course, along with that come many executives and workers, who are shifting their residency.
Florida is famous not just for its glorious sunshine, but also no business taxes on limited partnerships and no personal income taxes. Then there are homestead protections for homeowners, and in comparison to NY, extremely low property taxes.
Research shows that individuals making $650,000 a year can save more than 10% of their income, just in taxes, by moving from NY to FL.
Plus, while counties in NY like Weschester keep hiking their sales taxes, and not making a trade off for lower property taxes, movers pay even less in sales tax in Florida too. Not to mention getting a whole lot more house for the money.
While the national job market may look job from a statistics standpoint right now, fleeing businesses mean those who need to work in a physical office or location, are going to have to move with the jobs. Of course, in some NY boroughs, like Brooklyn, as many as 60% of residents now enjoy remote work. If they can work independently of location, why would they choose to fork out all these taxes, when they can keep an extra 10% or 30% of their income living somewhere else. That’s plenty of extra change to come up and visit family and friends in Nassau County on the weekends and holidays.
If we are going to save Long Island and our state from becoming the next Detroit, we have to keep the pressure on when it comes to taxes. For most, that starts with taking a stand on challenging annual property taxes. Property Tax Adjusters, Ltd. can help you with that.