The Benefits of “The Florida Lifestyle’s” Tax Leniency

From sparkling waters along miles of pristine sand to glorious weather that greets warmly year-round, there are dozens of reasons people call South Florida home.  With a multitude of activities and attractions available to residents known throughout the world many times over, there’s one colossal perk that comes along with the tropical life many people overlook:  lax tax laws. Ranked for decades by the Tax Foundation as one of the states with the 10th lowest levy’s in the nation and 7th all around by WalletHub in 2019, Florida’s families not only enjoy the tranquil environment, their economic burdens are also breezy.
Disney and our beaches may be major tourist draws but living in Miami has a few financial perks not available unless you reside in Florida.  Here are some ways to help make the most out of your money when you move down to the Sunshine State.
No income tax              
One of only seven states that impose no income tax on its residents, Florida’s families feel these incentives from the top.  Uncle Sam is friendly on our wages permitting us to save money for homes, education, vacation, and whatever else our hearts’ desire.  
No inheritance or estate tax
Seniors flock to Florida by the droves for more than just the kind climate, many are thinking about their descendants.  With no inheritance or estate tax, residents side-step this golden-year burden while getting a tan on one of our many world-renowned golf courses.
No intangible tax
Assets come in various forms, with some a little less concrete than others, making them difficult to calculate.  Especially if they’re being taxed. Thankfully, Floridians don’t have to worry about portfolios getting raided because in 2006 the State repealed levies on stocks, bonds, and mutual funds owned by people or businesses under $250k (or $500k for joint filers).  Everything above this amount gets hit with only 50 cents for every thousand dollars.
It’s one of the reasons commerce tends to thrive under our sun.
No vehicle property tax
Annual registrations are simplified thanks to this ace.  Cruising on our open expressways is convenient as well as economical.  
No state property tax
Florida does not collect property tax from their residents.  Although our counties do generate some revenue through a due like this of their own, they all vary depending on which one you call home, allowing us many options.  
The handicapped, elderly, and veterans are assisted even further, being exempt from some, if not all, property taxes to facilitate the lives of the men and woman who serve our country or those in trying conditions.  
Wait, there’s a catch… but it comes with a catch, too
Floridians like to joke that we make up for our lack of income tax with our 6% sales tax.  A bit high when looking at our neighbors around the country, it can turn some people off to the idea of becoming a beachcomber.  
But never despair, as this little caveat comes with a loophole.
Sales taxes can be deducted at the end of every year when we file our returns.  The IRS even has a sales tax calculator to help estimate how much money you can expect back.  And this applies to large-scale purchases like cars or boats, too.
Like mom always said, save your receipts!
Are you dying to live the Florida lifestyle?  The Audrey Ross Team at MiamiRealEstate.Com can find your family’s new home letting you experience how it feels to have summer year round.  Give us a call at (305) 661-4003 or drop us a line here.

 

How to Celebrate Earth Day Every Day in Miami

In South Florida, we celebrate Mother Nature every day of the year. Thanks to her we have beautiful beaches, pristine waterfronts, and scenic landscape that is envied worldwide. But no matter the day, Earth Day should be celebrated all year long and here are four easy ways to do so. 
 
Keep Car in Garage
While Miami hasn’t always been known as a pedestrian friendly destination, the times are certainly changing. Leave the car behind and go for a stroll in walkable neighborhoods like historic Coral Gables, tree-lined Coconut Grove, or beachside Miami Beach. Or opt for a bike ride, which is easier than ever to do in Miami. Grab a Citi Bike or your own two wheels and peddle around town to admire some of our scenic routes like Key Biscayne’s Rickenbacker Trail or South Miami’s Old Cutler Trail. 
 
Be a Vegan for the Day
Did you know if everyone on the planet went vegetarian just for a day it would reduce water usage by 13 million tons? One day without meat, dairy, or seafood does make an impact. Do your part and whip up a plant-based meal using ingredients from a local’s farmer’s market. Or opt for a vegetarian meal at places like Miami Beach favorites Planta or Soul Tavern or Coconut Grove staple Last Carrot. 
 
Recycle
It seems like a simple formula: reduce, reuse, recycle, but recycling is a key component that some still look past in the city. Make sure you’re not only recycling items properly (there’s a great primer for that here) but that you’re doing your best to reduce waste and reuse items and limit use of single use plastics. Trade-in that disposable water bottle for a reusable water bottle, those plastic grocery bags for sturdy cloth ones, and make sure to have a metal straw on hand to sip on a drink in lieu of plastic ones. 
 
Do Outdoor Yoga
With Miami’s fantastic outdoor space and enviable year round weather, what better place to get some zen then the great outdoors? Grab a mat and head to your backyard or patio for some namastes, or join one of the enlightening outdoor yoga classes held throughout the city — plus most are free or just a few dollars to join! Try an early morning Saturday class at the New World Center, a complimentary yoga session in Peacock Park on Tuesdays, or an almost daily outdoor yoga session a Downtown Miami’s Bayfront Park.

Miami’s Best Tennis Courts

With the success of the Miami Open 2019, those who have caught the tennis fever can head to these top Miami courts to channel their inner Serena Williams and Rafael Nadal. And with Miami’s beautiful, year-round temperatures, these courts can be played on all year round. Here are the top five best tennis court picks throughout the Magic City.

North Miami Beach Tennis Courts
Boasting 12 hydro-grid clay courts and six hard courts, plus four racquetball courts and two paddleball courts, North Miami Beach Tennis Courts has something for all your gaming needs. For those looking to step up their tennis game, private and group coaching is also offered. 16851 West Dixie Highway, North Miami Beach, 305-919-0839

Kirk Monroe Tennis Center
A favorite amongst Grovites for years, this unpretentious tennis center has five well-lit hard tennis courts, a hitting wall, along with continuing education and classes for players of all levels. Plus, at only $3 an hour to rent a court it’s an inexpensive and accessible way to play a heart-pumping game of tennis whenever the mood hits. 3101 Florida Avenue, Coconut Grove, 305-442-0381

Crandon Tennis Center
Play like a pro at Crandon Tennis Center. The former site of the Miami Open, this expansive facility features 21 hard courts and six green clay courts. For those who want to participate in a night game, 13 of the courts are lighted. Plus the facility boasts a only-in-Miami perk of being just steps away from Crandon Park Beach, which is consistently named one of the ten best beaches in the U.S., and is also adjacent to the Crandon Park Golf Course. 7300 Crandon Boulevard, Key Biscayne, 305-365-2300

Salvadore Tennis Center
No you didn’t walk into a private tennis club, but it might just feel that way at the Salvadore Tennis Center. This Coral Gables public park has 13 courts with a mix of hard, clay, or grass options, that also has ample lighting for nighttime matches. And, for those who really want to channel their inner tennis champion, it also features a pro-style stadium court that rents for just $12 an hour. 1120 Andalusia Avenue, Coral Gables, 305-460-5333

Bonus: Tennis Court at 515 Casuarina Concourse
While this is a tennis court is not open to the public, it does come with Miami Real Estate’s top listings. Located in Coral Gables, this estate is one of the city’s true gems and boasts its own tennis court, smartly hidden behind lush, tall, manicured hedges. You don’t even need to leave the property to get a game of tennis in — making it a real grand slam for tennis aficionados!

515 Casuarina Concourse, Coral Gables