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Taxes playa big role in Americans moving decisions.
Meanwhile, California lost 75,423 throughout 2023, perYahoo!
According to a report from Yahoo!
Heres a closer look at the differences betweenCalifornia and Florida.
Floridians dont pay a state income tax, although they still have to pay federal income tax.
This means that lower-income taxpayers pay less in taxes than higher-income individuals.
TheFlorida Agentsfound that Floridians keep more money at nearly every income level than Californians.
The more you make, the more noticeable the difference.
In contrast, the same household income in Florida would see $0 instate income taxes.
Sales Taxes
Another difference is state sales tax rates.
A sales tax is a tax imposed by the government on the sale of goods and services.
Property Taxes
Floridians do pay more in property taxes, though.
However, there are additional factors to consider about property taxes, noted Yahoo!
One is property values, which vary widely, and the other is how states assess property.
This means that Florida homeowners could pay more taxes if property values rise.
If prices stay flat, residents wont see much of a difference.
So youve saved income taxes, but homes adjust tofair market value.
Younger families and first-time buyers pay higher property and income taxes than other California homeowners.
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