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The progressive tax, which went into effect on Monday, means that those making real estate purchases of more than $1 million will be faced with a levy that can climb as high as 3.9 percent.
According to data from the U.S. Census Bureau, Florida received more movers than any other state in 2018 – and many came from New York.
“In Miami-Dade, Palm Beach and Broward counties we actually saw homes sales increase anywhere from 3.9 percent to 6.6 percent – and that is because of all of our New Yorkers coming down here to sunny South Florida,” she said.
In addition to recent tax hikes, a $10,000 cap on state and local tax (SALT) deductions has resulted in an exodus of residents from high-tax states – like New York and New Jersey – to lower-tax areas such as Florida and Texas.
DeBianchi added that lower interest rates should encourage people to jump into the housing market.
“Now is a great time to buy for anyone, whether you’re in the luxury market or a first-time homebuyer. I mean, with rates as low as they are, prices, I think, are slowly coming down a bit, which is a win-win for everyone.”