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The Brickell Buzz: Good-bye New York, Hello Miami!

February 5, 2018

Video Courtesy of: Brickell Condo at Kurz Real Estate/Youtube

According to public officials like New York Governor Andrew Cuomo, high-income individuals are fleeing high-tax states like New York for low-tax states like Florida. The new federal tax law capping state and local tax deduction at $10,000 can potentially be a cause for New York state’s $2.3 billion shortfall. Top earner could face over 50% tax rate in New York whereas a Florida resident could potentially see a decrease according to the Governor. Florida reported highest level of net domestic influx, while New York and Illinois reported the biggest losses. Miami has benefitted from this new tax law as more domestic buyers from high-tax states like New York, Illinois, and California are purchasing condos which has offset the foreign buyer slowdown. Home values all seem to be growing faster in low-tax areas according to the Wall Street Journal.

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