[kidyankee764]

Originally Posted by Stylo

Being in Greenwich is a very advantageous situation as it’s close to jobs in NYC. That’s why it’s expensive. Demand. I wouldn’t blame the state on that one.

How many places in Florida can you have the same access to extremely high paying jobs?

I think you’d be surprised at how many NYC area hedge funds are moving to Miami/Ft Lauderdale/Palm Beach. This below article specifically mentions CT:

https://www.google.com/amp/s/www.blo...osts-its-pitch

The greater Miami area is absolutely booming, and firms from CT and NY are a part of that.

[MrGompers]

Originally Posted by kidyankee764

I think you’d be surprised at how many NYC area hedge funds are moving to Miami/Ft Lauderdale/Palm Beach. This below article specifically mentions CT:

https://www.google.com/amp/s/www.blo...osts-its-pitch

The greater Miami area is absolutely booming, and firms from CT and NY are a part of that.

We can not compete with an income tax rate of zero. The article also says that two founders of a hedge fund are moving, not their firm or their employees.


If Miami is booming someone has to pay for it. And if the income tax rate is zero that money has to come from somewhere else - unless money laundering is still big in Miami I don't see how the place can boom while collecting zero taxes.

[kidyankee764]

Originally Posted by MrGompers

We can not compete with an income tax rate of zero. The article also says that two founders of a hedge fund are moving, not their firm or their employees.


If Miami is booming someone has to pay for it. And if the income tax rate is zero that money has to come from somewhere else - unless money laundering is still big in Miami I don't see how the place can boom while collecting zero taxes.

I’m going to guess a good chunk is the $67 billion Florida generates in tourism alone. That’s before agriculture, aerospace and aviation are added in.

So yeh - it’s a boom town down there. I was shocked at how expensive south FL real estate has gotten.

[7 Wishes]

Originally Posted by MrGompers

We can not compete with an income tax rate of zero. The article also says that two founders of a hedge fund are moving, not their firm or their employees.


If Miami is booming someone has to pay for it. And if the income tax rate is zero that money has to come from somewhere else - unless money laundering is still big in Miami I don't see how the place can boom while collecting zero taxes.

Well housing prices are starting to go up there so though a lower rate than here more property tax is collected.

Speaking of which, answer 2 to this is their schools are crap compared to NY and CT......I know people with families from both states who have moved to the Miami-Ft. Lauderdale-West Palm Beach area who have told me this.

[kidyankee764]

Originally Posted by 7 Wishes

Well housing prices are starting to go up there so though a lower rate than here more property tax is collected.

Speaking of which, answer 2 to this is their schools are crap compared to NY and CT......I know people with families from both states who have moved to the Miami-Ft. Lauderdale-West Palm Beach area who have told me this.

Depends where. There are some very good districts but you have to search harder to find them down there, that’s for sure.

Re property tax - more property tax is collected in FL than in CT? That’s not at all the case. Property taxes in FL are dirt cheap, but you do have to watch HOA fees there, which can add up (I own a rental property in FL).

[BPt111]

Originally Posted by kidyankee764

Depends where. There are some very good districts but you have to search harder to find them down there, that’s for sure.

Re property tax - more property tax is collected in FL than in CT? That’s not at all the case. Property taxes in FL are dirt cheap, but you do have to watch HOA fees there, which can add up (I own a rental property in FL).

This how Florida taxes work compare to Greenwich or rest of CT

“The average tax rate in Brevard County is 1.046%. That means if you have a home with an assessed value of $138,500 you’d pay around $1,449 in property taxes. That’s less than the average rate for all of Florida, which would total $1,524.

“You do not pay the same tax rate all throughout Florida. Your rate will vary based open the appraised value of your home and the property tax rate at that specific address. Each county has its own rate; some are as low as 0.54% (Walton County) and go up to 1.33% (Broward County). It’s not unusual to see a variety of tax rates all located within the same general area.”

“The amount of property tax you pay is based upon the tax rate of your address paired with the value of your property. A property appraiser, who is elected into position, determines the annual appraisal of every parcel in the county. This process includes a massive research undertaking and systematic analysis of market data.”

[BPt111]

Greenwich is pretty much old money but Greenwich/Port Chester line you can find cheaper homes as low $400,000

[Stylo]

Originally Posted by BPt111

Greenwich is pretty much old money but Greenwich/Port Chester line you can find cheaper homes as low $400,000

There is plenty of new money, I assure you

[MrGompers]

Originally Posted by kidyankee764

I’m going to guess a good chunk is the $67 billion Florida generates in tourism alone. That’s before agriculture, aerospace and aviation are added in.

So yeh - it’s a boom town down there. I was shocked at how expensive south FL real estate has gotten.

That's not 67 billion dollars in taxes. Someone has to pay for all the infrastructure to accommodate all the tourists and business. If the income tax is zero, the taxes are coming from somewhere.

[kidyankee764]

Originally Posted by MrGompers

That's not 67 billion dollars in taxes. Someone has to pay for all the infrastructure to accommodate all the tourists and business. If the income tax is zero, the taxes are coming from somewhere.

You don’t think a penny of that $67b (+ billions from other revenue sources) goes toward infrastructure? FL has amazing infrastructure and low property taxes so it’s not too difficult to connect the dots.