Florida has no state income tax, no state estate tax and no inheritance tax. A Wisconsin resident earning more than $280,950 would save over $20,000 annually by moving to Florida due to the state income tax difference alone. IRA withdrawals, pensions and annuities are not subject to Florida state income tax.
Florida homestead exemption can reduce a home's taxable assessed value by $50,000. The Save Our Homes Property Assessment Cap limits annual increases in assessed value to 3%, regardless of actual appreciation. These protections apply even if you sell and buy a new home.
Southwest Florida's population grew from roughly 3.2 million residents across six regional counties in 2015 to more than 4.0 million in 2025, a 25% increase. Southwest Florida International Airport set a record with 11.15 million passengers in 2025.
Hood Craddock, CPA and director of family office services at Florida Trust Wealth Management in Tampa Bay, and James McArthur, executive vice president on the family office services team at the same firm, contributed to this analysis. The article notes that if you own assets or derive income in another state, you might still owe income and estate tax in that state.