Why Pilot's Should Select Florida For Their Residency

There are many reasons that people from around the country flood into Florida every year. Whether it is to avoid the bitter winters up north, follow a new career path, expand on a new sport or lifestyle interest, retire, or to be closer to family, the mild climate, or the beach, there are several things to consider. One important thing to know involves the laws that govern their new home state. Tax liabilities and other financial issues are affected by these laws especially for those who choose part-time or seasonal residency only.

The Benefits of Calling Florida “Home”

One of the most beneficial reasons to declare “domicile” (or officially state that Florida is one’s permanent home) is the relief of state income taxes. Being one of the few states without a state income tax, living in Florida saves the average tax payer up to 10% of their salary each year.

In addition to these savings, another benefit includes the Florida Homestead Exemption, which provides a cap that states permanent residents cannot be taxed on up to $50,000 of their primary home’s appraised value.

Florida also has no estate or gift taxes, which protects not only the assets one has worked hard for but also serves to protect surviving family members in the event that a resident passes on.

There are many resources and guides to aid in declaring Florida as your permanent home. If you would like help and information on this process, please be sure to contact us and we can offer the resources we have available for you to find out more.
Ridge Landing Airpark (863)676-0707, ext 225