For retirement, is it better to be an Illinois resident or a Florida resident?
Tax Professional Answers
This is only one factor to consider, however. Illinois has a sales tax rate of 8.19%. while Florida has a sales tax rate of 6.69%. Generally speaking, services are not subject to sales taxes in either state. Most Florida local jurisdictions have have some sort of sales surtax, while a number of cities in Illinois have sales tax (the Illinois rate listed above is an average charge).
What are property taxes in your area of Illinois compared to property taxes in Florida? How do real estate values compare? Assuming you have property in both states, this is a mute point, but if you are looking to choose whether to choose one or the other for retirement, and are looking to sell one of them, this would be important to consider.
Hope this helps. Dan Bosler, EA
Meet Leading Tax Advisors
Federal Tax Credits & Incentives Practice Leader
New York, NY
CEO/Certified Financial Advisor
Rancho Santa Fe, CA
San Jose, CA
Long Beach/ Park City, CA