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Old 01-17-2010, 07:24 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,028 posts, read 6,545,870 times
Reputation: 3531

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We have an offer on a condo in Naples. Hopefully that deal will come through or we will find another condo quickly. If so, we will still have our home in NJ (we are currently Jersey residents) which we will soon try to ditch, a townhouse in Murrells Inlet SC and a condo in Collier County. Our income is my pension check. Another year and a half until SS kicks in.

Jersey and SC does or would take state income tax from my pension check. NJ also has high auto insurance rates and high vehicle fees, plus an 8% sales tax. SC would also tax my pension. The motor vehicle fees are not as bad, but I have been told that car insurance, at least in Horry County SC, is as bad as NJ. Also we would have to pay a kind of sales tax to transfer our existing plates from NJ to SC, based, I believe, on the value of the car. NJ has vehicle inspection. SC (and FL) does not.

I don't think any of these states would tax social security, but am not sure about that.

It seems to me that once we own a Florida home it would be a no brainer to make the switch to Florida residency and register our vehicles in Florida. Am I missing anything?
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Old 01-17-2010, 04:35 PM
 
Location: Port Charlotte, FL
301 posts, read 1,154,356 times
Reputation: 121
You can't just claim FL residency because you own a home here. It must be your primary residence, not a 2nd or vacation home.
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Old 01-18-2010, 06:13 AM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,028 posts, read 6,545,870 times
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True. That is why we would have to get a Florida drivers licence, restister to vote and all that good stuff. We could change from NJ to either SC or FL. I'm just trying to make sure FL would be the best choice.
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Old 01-18-2010, 06:48 AM
 
Location: Central Fl
2,903 posts, read 12,536,485 times
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It is my understanding that you must live in Florida 6 months and one day per year to be a resident. I may be wrong, but that is what I thought.

Frank
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Old 01-18-2010, 01:48 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,028 posts, read 6,545,870 times
Reputation: 3531
Quote:
Originally Posted by faithfulFrank View Post
It is my understanding that you must live in Florida 6 months and one day per year to be a resident. I may be wrong, but that is what I thought.

Frank
Whatever the rules are, I'm sure if I own my condo for 6 month plus a day, that should work. Who is really going to know where I have been sleeping for those 6 months........

But, again, is Florida my best choice for residency??
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Old 01-18-2010, 01:51 PM
 
Location: Port Charlotte, FL
301 posts, read 1,154,356 times
Reputation: 121
Actually, the reisidency rules are quite strict. You have to not only show proof of where you live, but also utility bills for that address, and have the vehicles registered in FL.

Nobody but you can decide if FL is right for you.
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Old 01-18-2010, 05:34 PM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 3,284,816 times
Reputation: 494
no state income tax and homesteader discounts on property tax. Difficult to beat.
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Old 01-18-2010, 07:11 PM
 
Location: Lakewood NJ/Murrells Inlet SC/ N. Naples FL/Swainton NJ
4,028 posts, read 6,545,870 times
Reputation: 3531
Quote:
Originally Posted by kroeran View Post
no state income tax and homesteader discounts on property tax. Difficult to beat.
That's what I wanted to hear. Thanks. Guess we will become Florida residents......
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Old 01-18-2010, 08:03 PM
 
Location: Fort Myers FL/ Ottawa ON
1,210 posts, read 3,284,816 times
Reputation: 494
You will need to spend the time between now and closing researching the impact of establishing residency in either of the 2 locations...try to find someone who also has a northern base in SC.

I am not an expert in this scenario with 2 US locations to consider. I know more about Canada vs Florida.

Given that you already have the locations chosen and that you will be more or less splitting your year between the 2, sales tax should not be a consideration, which can be an offset to income tax when considering an all in bet on one location.

Healthcare insurance is an unknown to me. Check if there are implications if you are under age 65.

Does SC have any sort of homesteading allowance to figure in?

All this to say that while Florida on the face of it is structured to favour voting full time residents and screw non-voting snowbirds and second homers, please dig a bit deeper than taking anyone's word for it on a forum.
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Old 01-19-2010, 08:38 AM
 
Location: SW CAPE CORAL
111 posts, read 287,334 times
Reputation: 110
I was instructed by the Lee County Sheriff that I need a Florida drivers licence and registration 10 days after moving here. I had to give up my NY license to do so. After that the only thing that stands out is the number of months you live in a particular state determines if you pay state taxes. Check with the state you are leaving.

Healthcare insurance is an unknown to me. Check if there are implications if you are under age 65. If you leave a 'group' insurance plan, pre-existing conditions will not be covered under a new plan.
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