Factor	New York City	Florida
State income tax	Up to 10.9%	0%
City income tax	3.876% (NYC only)	0%
Combined max rate	~14.8%	0%
Property tax	~1.73% avg statewide	~0.89% avg
Estate tax	Yes (from $6.94M, up to 16%)	None
Median rent 1BR	~$3,900/mo (Manhattan)	~$1,680/mo (Tampa)
Median home price	~$750,000+ (NYC area)	~$380,000-620,000
Homeowners insurance	~$1,300/yr	~$3,750-5,600/yr
Summer weather	Hot, humid	Hot, humid, hurricane season
Winter weather	Cold	Warm (peak season)

The tax savings in full

Income tax

NYC residents face the highest combined income tax burden of any major US city. The state rate reaches 10.9% and the city adds up to 3.876% on top. That combined rate of nearly 14.8% means that for every $100,000 earned, roughly $14,800 goes to state and city taxes before federal taxes apply.

Florida eliminates both. Zero state income tax. Zero city income tax.

NYC household income	Annual NYC tax burden	Florida tax	Annual savings
$100,000	~$9,500	$0	~$9,500
$150,000	~$14,300	$0	~$14,300
$200,000	~$22,000	$0	~$22,000
$300,000	~$29,000	$0	~$29,000
$500,000	~$40,000+	$0	~$40,000+

For remote workers keeping NYC-calibrated salaries, this is the most powerful financial lever available without changing anything about how you work.

Property taxes

New York's average effective property tax rate is approximately 1.73%, among the highest in the country. Florida averages 0.89%. For comparable home values, Florida property taxes run about half of New York's.

Florida's Homestead Exemption reduces your property's taxable value by up to $50,000. The Save Our Homes provision then caps annual assessment increases at 3% per year regardless of market appreciation. This gives long-term Florida homeowners the kind of assessment protection that New York's STAR program only partially provides.

Estate tax

New York has an estate tax starting at $6.94 million with rates up to 16%, and a brutal cliff rule. If your estate exceeds the exemption by more than 5%, you lose the entire exemption and owe tax on the full estate value, not just the excess. This forces expensive tax planning for estates near the threshold.

Florida has no estate tax and no inheritance tax. For high-net-worth households and retirees thinking about generational wealth transfer, this single factor often determines the move.

Housing: the second major advantage

Manhattan and NYC-area housing prices have no Florida equivalent outside of a few ultra-luxury markets.

NYC area	Median price	Florida comparison	Median price
Manhattan	~$1,200,000+	Palm Beach	~$850,000
Brooklyn	~$850,000	Miami Beach	~$750,000
Queens	~$650,000	Mi