Compare taxes and see how much you save moving from New Jersey to Florida
This is America's biggest tax migration—NJ to FL. New Jersey: up to 10.75% income tax PLUS the nation's highest property taxes (2.42% average). Florida: 0% income tax AND homestead exemption ($50K off assessed value). At $150,000 income: NJ ~$9,500 income tax vs FL $0 = $9,500 saved. Property taxes on $500K home: NJ ~$12,100 vs FL ~$4,500 (after homestead) = $7,600 saved. TOTAL: $17,100/year savings. Over 10 years: $171,000. At $300,000 income: NJ ~$24,000 income tax alone. The catch: NJ proximity to NYC commands 20-50% higher salaries in finance/law. A $300K NJ salary might be $220K in Florida. Choose NJ if: your career requires NYC proximity and the salary premium exceeds tax cost. Choose FL if: remote work, retired, or in industries with comparable FL salaries.
Top Rate ($1M+)
Highest property taxes in US
No Income Tax
Homestead exemption: $50K
At $150,000-$300,000 + $500K home income:
That is $1,425-2,633/month back in your pocket!
| Income | NJ Tax | FL Tax | Savings | 10-Year |
|---|---|---|---|---|
| $100,000 income only | ~$5,800 income tax | $0 | Florida saves $5,800 | $58,000 |
| $150,000 + $500K home | ~$9,500 income + $12,100 property | $0 income + $4,500 property | Florida saves $17,100 | $171,000 |
| $200,000 + $600K home | ~$14,000 income + $14,520 property | $0 income + $5,400 property | Florida saves $23,120 | $231,200 |
| $300,000 + $750K home | ~$24,000 income + $18,150 property | $0 income + $6,750 property | Florida saves $35,400 | $354,000 |
| $500K + $1M home (top bracket) | ~$47,000 income + $24,200 property | $0 income + $9,000 property | Florida saves $62,200 | $622,000 |
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Moving from New Jersey to Florida? Multi-state returns are tricky—partial-year residency, different deadlines, avoiding double taxation. Get matched with a CPA who specializes in state moves. Virtual meetings, fixed pricing.
⚠ Not for simple single-state returns. Free filing is fine for straightforward W-2 situations.
Get Matched With a CPA →At $150,000 income + $500K home: NJ income tax ~$9,500 + property tax ~$12,100 = $21,600. FL property tax ~$4,500 (after homestead) = $4,500. Savings: $17,100/year. Over 10 years: $171,000. At $300,000 income, annual savings exceed $35,000. The wealthier you are, the more dramatic the savings.
It's not really a tax—it's estimated tax withholding. When selling your NJ home to move out of state, NJ withholds 2% of sale price OR the estimated capital gains tax (whichever is higher) at closing. If you don't owe that much in actual tax, you get a refund when filing. It's a cash flow issue, not additional tax. Plan for it at closing.
Remote work makes this possible, but NJ is aggressive about audits. To establish FL residency: (1) spend 183+ days in FL, (2) get FL driver's license, (3) register to vote in FL, (4) file FL declaration of domicile, (5) change bank accounts. If your employer has NJ office presence, they may still withhold NJ tax on your behalf—negotiate fully remote status clearly.
Yes—dramatically. NJ average: 2.42% (highest in US). FL average: 0.91%. But FL doesn't stop there: Homestead exemption removes $50,000 from assessed value for primary residence, AND Save Our Homes caps assessment increases at 3%/year. Long-term FL homeowners pay far below market value assessments while NJ reassesses regularly.
Hurricane/flood insurance: $3,000-15,000/year depending on location. HOA fees: $200-1,000/month in desirable communities. Car insurance: 20% higher than NJ average. Summer AC bills: $300-500/month. Sales tax on everything: 6-7.5% (NJ exempts groceries and clothing). Budget $5,000-10,000/year for these 'hidden' costs.