The Florida lifestyle has always been compelling. But in today’s tax environment, swaying palms and icy umbrella drinks may not be the only compelling reasons to move here.
The Florida lifestyle has always been compelling. While northerners button up their winter coats and slip on their snow boots, residents of the Sunshine State are slipping on their bathing suits and heading off to the beach. But in today’s tax environment, swaying palms and icy umbrella drinks may not be the only compelling reasons to move here.
While the new tax law is widely credited with adding to our robust economy, there have been unintended consequences that have many high tax states experiencing an outflow of permanent residents. Residents in states like New York and New Jersey who are no longer able to itemize deductions for state and local taxes are moving to areas with more favorable tax climates. Florida, which has no state income tax, has been a major beneficiary of the trend – attracting new residents who are drawn to lower taxes, as well as the warm weather lifestyle with lush golf courses and beautiful beaches to enjoy.
“The new tax laws certainly spurred interest. Buyers who were casually looking suddenly had another reason to purchase,” says Ed Jahn, Senior Vice President of Kolter Urban. “Non-residents started to review how much time they would now spend in Florida and re-evaluated their residence status.”
Personal income tax isn’t the only incentive to relocate to Florida. Another burdensome tax is the estate tax. Many states collect this tax, including: Connecticut, New York, Maryland, New Jersey, California, and Oregon. However, Florida, once again, provides a tax haven for homeowners, as it doesn’t apply a tax to estates, furthering the appeal to make the move to the Sunshine State.
And that’s not all. Establishing a Florida homestead residence brings even greater tax benefits. As long as you spend a minimum of six months in residence in Florida, you can qualify for The Homestead Exemption, which grants homeowners a break on their real estate taxes, foregoing tax on the first $50,000 of value for their primary property. Even better, the “Save our Homes” cap limits annual increases to just 3% year over year.
Due to the strong job market driving relocations, Broward County along the coast of South Florida is becoming a hot spot for real estate. While it offers a wide variety of options to homebuyers, waterfront property is becoming scarcer.
Developed by The Kolter Group, 100 Las Olas’ 113 private residential condominiums will start on the 16th floor and rise to 499 feet with dramatic city views. Completely separate from the private residences, the lower levels will include private garage parking and a Hyatt CentricÒ hotel with a lobby level restaurant and bar featuring indoor and outdoor seating, and 8,500 square feet of retail space. As the only for sale condominium in Downtown Fort Lauderdale, 100 Las Olas is offering 2- to 4- bedroom/2.5- to 4.5-bathroom residences from the $800,000s with floorplans ranging from 1,811 sq. ft. to 5,281 sq. ft.
Residents of 100 Las Olas will be immersed in the urban vibe of Las Olas, while enjoying an unprecedented level of service. Condo owners will enjoy a wide array of resort-style amenities reserved exclusively for residents, including a private roof top resort-style pool with private cabanas and fire pit lounge, a Residents’ Club Room with catering kitchen and club bar, a Casual News Room, and a state-of-the-art Fitness Center.
Enviably located directly on Las Olas Boulevard, 100 Las Olas Boulevard is conveniently located just minutes from the Fort Lauderdale Hollywood International Airport.
The Sales Gallery is open daily and features a full-scale architectural model and designer kitchen. To preview the floorplans and the latest construction updates, visit OneHundredLasOlas.com or call 954-800-6263 to schedule a private showing.