A Bold Proposal from the Sunshine State
Florida Governor Ron DeSantis recently made headlines with a provocative proposal: to abolish property taxes across the state. While still in the early stages—and far from policy—this concept has already stirred considerable interest among homeowners, economists, and affluent families alike.
The reality? Even if this measure never comes to fruition, it highlights a much larger—and more actionable—consideration: Florida’s ongoing evolution into one of the most tax-advantaged states for high-net-worth individuals.
The Bigger Picture: Florida as a Wealth Magnet
Florida already boasts no state income tax, no estate tax, and no inheritance tax. It has long served as a strategic destination for individuals looking to protect and preserve generational wealth.
The proposed elimination of property taxes, while uncertain, adds fuel to the broader narrative: Florida is becoming increasingly attractive for those prioritizing tax efficiency and lifestyle quality.
So, what should financially savvy families be doing now?
Why Florida Domicile Matters—Even Before the Laws Change
Whether or not property taxes are eventually repealed, many high-net-worth individuals are already choosing to domicile in Florida for significant tax and lifestyle advantages. But simply owning a home here isn’t enough. Establishing domicile—and reaping the full financial benefits—requires thoughtful planning.
Key Steps to Establish Florida Domicile:
- Purchase a Primary Residence and file for homestead exemption.
- Register to Vote in Florida and obtain a Florida driver’s license.
- Update Estate Planning Documents to reflect Florida jurisdiction.
- Move Financial Relationships (e.g., CPAs, attorneys, wealth advisors) to Florida-based professionals.
- Spend More Than 183 Days Per Year in Florida—and keep a log.
- File Federal Taxes Using Your Florida Address.
These steps help demonstrate “intent to domicile” in the event of an audit from a former home state—especially those with high state income or estate taxes like New York, New Jersey, or California.
What This Could Mean for Your Financial Plan
While the elimination of property taxes alone won’t reshape an investment portfolio, the implications of where you live—and what laws apply to your income, capital gains, and estate—can have a profound effect on long-term wealth preservation.
At Moran Wealth Management®, we work closely with clients to coordinate financial, estate, and tax planning strategies tailored to their domicile, family dynamics, and legacy goals. Whether you’re already a Florida resident or exploring the move, we help guide every step of the process with clarity and thoughtful support.
Conclusion: What Comes Next
Governor DeSantis’ property tax comments may or may not lead to legislative change—but they’ve reopened the conversation about Florida’s status as a haven for wealth. If you’re a high-net-worth individual thinking about your next move—literally and financially—there’s no better time to evaluate the benefits of calling Florida home.