As the snow falls in the north and the winter winds begin to blow, the beautifully calm rivers of Brevard County this time of year often reflect the images of spectacular boats adorned with Christmas decorations. What community can boast nearly as many holiday boat parades as land parades?
Northerners migrate to our beautiful climate and calm waters to escape the weather in their home state. Many come just for the season, but many are swayed by our windows-open winters and stay much longer. And beyond the climate, there are other reasons to stay.
Take income taxes, for example.
Look at the benefits of buying here, establishing residence here and saving the income tax that was paid to the state that one came from. A great neighbor and friend related his positive experience on becoming a Florida resident but keeping his home in Rhode Island. Some states, for instance, have expensive state income taxes and laws that define residency as six months a year.
That may mean that one could live there for 5 1/2 months, establish residency in Florida and pay no state income tax. What a way to retire. All that money you save on state income tax up north could be applied to paying for your new home in Florida. My friend has discovered something very valuable in Florida residency.
Speak to a Florida accountant and verify the residency requirements in your state as compared to Florida. This may be an opportunity that you do not want to miss. While real estate is low, buying now may be the right move.
I urge each and every one of you who need help keeping your home to contact your legislators and give them the details of your plight. I am shocked by the stories of homeowners that need a counselor or a "real person" to speak to regarding escalating mortgages and homeowners who face foreclosure due to job loss or medical bills. If the bailout was only used to help the banks to survive and not the people, this is a sad state of the nation.
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