Since Florida has no income tax, real estate taxes are substantially lower than elsewhere in the nation. For example, these taxes can be a staggering 50 percent higher in a place like Connecticut. In addition, the state has great infrastructure and in 2016 it recorded a $1 billion surplus, being used by Governor Rick Scott to reduce/eliminate business taxes as economic excellence results in population growth and thus increased tax revenue. On the flip side, places like Connecticut are losing their taxpayers and becoming unable to balance their budget. Not so for Florida.
Furthermore, Florida continues to have a reputation for being one of the best quality places to live, nationwide. In the ‘Top 5 Cities for a Second Home’ report, two cities claimed the top two spots: Naples (at Number 1) and Boca Raton (at Number 2).
Why is that? First, a lot of New Yorkers are buying second homes and they want to escape the horrible winter weather of their home town. Boca Raton has some beautiful, gated communities and makes a great place for the successful professional to lay his or her hat. They have the great country clubs, golf and easy access to airports.
Then, Naples has something to offer New Yorkers too. Being a completely different vibe to the Big Apple, still with the great climate of Boca (but on the other side), this city has a very laid back attitude, but also with private communities. Off the beaten path it still provides simple access to Fort Myers and South Florida.
So Florida has what to offer for both prime and second home buyers.