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How come not a lot more people move to Texas or Florida, where there is no state income tax, saving them thousands and thousands per year?
What is the big deal with Florida? Why is it such a popular destination and place to live?
Florida has a tax structure that’s very favorable to retirees - no income tax and often relatively low property taxes with often economical property values, so their money can go further. They manage this in part because the state derives a lot of income from tourism.
The state also has worked to create a lot of retirement communities - basically giant HOAs with minimum age requirements that market heavily to seniors. They’ve been doing this for a while - 20+ years at a minimum.
Then once they have these areas set up they end up with a lot of services that cater to retirees, and then the friends and family of those retirees retire there and the services for them expand.
More on reddit.comHow do property taxes work in Florida, USA?
Moving to Florida and want property taxes as low as possible
WHY would you move from Colorado to Florida??
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