Recently, Kevin O’ Leary from the popular TV show Shark Tank , made some pretty bold comments regarding the economic climates of several states including California, New York, New Jersey, & Massachusetts. In a nutshell, O’ Leary claimed that these states were “uninvestable”. Well, it certainly seems that many residents in these states may also feel that they have become unlivable as well. Based on the latest migration patterns, we continue to see many Americans moving to Florida from California and other states. In addition to the multitude of reasons for these moves, the tax burden of these states is commonly cited as a large driver.
A comparison of tax burdens for California & Florida
According to California’s governor, the high taxes of California are “worth the price”. If this is true, then why are so many Californians departing The Golden State? Evidently many Californians do not agree with the governor’s sentiment. A recent analysis by WalletHub ranked California as having an overall tax burden ranked #9 in the country. Meanwhile, Florida’s overall tax burden ranked at #45. Although Californians’ tax rates overall are lower than the national average, their high incomes and property values drive up their taxes. Needless to say, when considering overall tax burdens, comparing Florida to California is not a fair comparison.
Of course, the tax burden advantage is only one of many reasons why so many Americans are choosing to change their coordinates for the sunny beaches of Florida! You don’t need to look too far to see that Florida is the Top State to Move To.
Are you ready to upgrade your coordinates to South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, be sure to download our comprehensive South Florida MLS app for your smartphone or tablet.