What a Palm Beach address is worth to you
Where you file today, your income and the residence you are considering. See what Florida domicile changes each year.
State and city income tax you would no longer pay, each year
$443K
At a top rate of 14.776% in New York. Florida has no personal income tax.
Over ten years
$4.4M
Property tax on the residence, with homestead
$86K
- Homestead also caps the yearly rise in your assessed value at 3 percent.
- Capital gains are taxed as income in every state listed, so a sale while domiciled in Florida avoids the state share.
- Domicile is a fact pattern, not a form: days present, a Florida driver's license, voter registration and where your family and advisors are.
An estimate at 2025 top marginal rates applied to all income; your adviser will refine it. Property tax uses the City of West Palm Beach 2025 millage on an assessment near 85 percent of price. Not tax advice.
Questions
Florida domicile questions
How much do I save in taxes moving from New York to Palm Beach?
Florida has no personal income tax, so a New York City resident in the top bracket stops paying a combined state and city rate of about 14.8 percent on income and capital gains. On $3 million of income that is roughly $440,000 a year, set against Florida property tax on the residence you buy.
What makes Florida my legal domicile?
Domicile follows the facts: where you spend most of your time, a Florida driver's license and vehicle registration, voter registration, a recorded Declaration of Domicile, the homestead exemption and where your family, advisors and valuables are. New York audits former residents closely, so the move should be documented with your tax adviser.
What is the Florida homestead exemption worth?
It removes up to $50,000 of assessed value from taxation for a primary residence and, more valuable over time, caps increases in the assessed value at 3 percent a year under the Save Our Homes amendment. You apply with the Palm Beach County Property Appraiser by March 1 after the year you establish residence.