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Florida's Tax Haven Sparks Real Estate Interest In Palm Beach County

POSTED ON: OCTOBER 04, 2018

Florida's Tax Haven Sparks Real Estate Interest In Palm Beach County

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. "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, Palm Beach County is becoming a hot spot for real estate. While it offers a wide variety of options to homebuyers, waterfront property is becoming more scarce. Due to the demand for waterfront property, local developer Kolter Urban is adding a third tower to its most recent North Palm Beach luxury condominium, Water Club. This Encore tower will be home to just 30 luxury residences with two residences per floor.

The Sapphire and Indigo designs

The Sapphire and Indigo designs, offer 2,315 sf and 2,913 sf of living area respectively. These two floorplans feature a den, and three and a half bathrooms, the Indigo floorplan designed with two bedrooms and the Sapphire floorplan with three bedrooms. Each is highlighted by wide terraces, floor-to ceiling glass and wide Intracoastal to ocean views. Pricing for the Indigo design starts at $1.4 million and the Sapphire design at $1.799 million.

Water Club shares proximity to some of North Palm Beach's finest entertainments, including shopping, dining, and live music at Harbourside Place, sailing to Peanut Island, and enjoying a night out at Cinepolis movie theater. These expansive residences range from 1,728 to 3,330 sf. and offer waterfront views over the Atlantic Ocean and Intracoastal Waterway. Residents also have access to the unprecedented roster of private resort-style amenities that include two waterfront pools along with entertainment areas and fire pits. A club room, fitness center, and dog park are already complete. The recently added Encore tower hosts its own set of amenities, including a spa and guest suites for reserve. It serves as one of the many options for residency at this exclusive luxury tower, alongside the move-in ready inventory.

With the first two towers nearing final sellout, Kolter is set to begin vertical construction on the Encore tower in the coming months. To preview everything the final tower will offer, or tour the move-in ready inventory, the Water Club Sales Gallery and model residences are open daily at 2 Water Club Way, North Palm Beach. Call 561.799.2837 to schedule an appointment. Move-in ready residences are priced from $1 million and pre-construction pricing is available on the third and final tower recently released for sale. Click here to request our digital brochure!