Florida is an amazing state that offers so much to its residents. It is geographically located where there is pleasant weather throughout the year. Apart from its long beautiful beaches, the state also hosts various natural sites that are breathtaking. Living here basically gives you access to nature’s best creation.
Living in Florida leaves you enjoying many benefits. These benefits are enough reasons for you to love the state. The following is a list of the reasons to become a Florida resident so that you can get a better understanding of the benefits you will enjoy after becoming a resident of this state.
1. Income tax, death tax and estate tax exemption
Becoming a Florida resident exempts you from a number of taxes. Its State Constitution protects you from being subjected to certain taxations by the state itself, its municipalities and its counties. The first tax is the income tax. Your residency in the state makes you qualify for this law that prohibits personal income taxation by any local authority.
The second levy that you are exempted from is the state death tax. In many other states, death tax is a common levy that is normally paid by residents. Relocating from such states to Florida would be a relief especially to your whole family.
Estate tax is another levy that you will never have to pay as long as you are residing in Florida. This kind of tax is normally imposed to an estate or as an inheritance tax. In some estates, it may even be enacted separately from the normal federal estate tax. This is normally called decoupling. Florida protects its residents from such taxations.
2. Homestead protection
There are three different laws that protect your home ownership in the state. The first one is known as “Florida Homestead Law”. It is meant to protect the residents from losing their homes to creditors. However, the law does not apply to mortgages.
The second homestead protection law is called “Save Our Home Act”. It is meant to offer homestead tax relief to the Floridians. After qualifying for it, $50,000 of the value of your property after assessment is exempted from taxation. The value of the assessed property can also not rise to more than 3 percent in any year. This therefore makes the actual value of your property to rise over the years and exceed the assessed value, leading to equity.
The third homestead protection law is called “Tenancy By The Entirety”. It is for married partners and protects joint ownership. With this, property ownership cannot be lost as long as the claim made by a creditor is only affecting an individual in the couple.
3. Enjoy outdoor activities from golf, tennis and swimming
Florida also happens to be a great destination to enjoy outdoor activities because of the great weather. There are many places that you can visit for recreational purposes, especially country clubs. “The Preserve at Ironhorse” is one the best. It is an amazing membership only country club. The club features an 18-hole golf course, a tennis facility, a swimming pool and a fitness center. These are just among the many things that you can enjoy there.
The club also hosts various social events where you can socialize with people and make new neighborhood friends. Memberships for various activities are also available. The club is simply dedicated to entertain you as you get a chance to know the neighboring community better.
Florida is an awesome state that has everything you need and then some to enjoy with your family and friends. The list above contains a very few but enough reasons for you to become a Florida resident. They cannot be found in any other place and are all meant to make this state the best place for you. Make it your residence and enjoy these reasons and many others.