Fleeing Florida? More News on Florida Exodus
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I love being ahead of a news story.
I blogged back in August: Moving From Florida?? A Reverse Trend that May Prove Expensive for Residents - noting that Florida is seeing its first population decline since demilitarization after World War II and that its tax revenue system may be to blame. The result may be that Florida may be losing its status as the go-to residence for New Jerseyans looking to get out from under New Jerseys tax system particularly its low $675,000 state tax exemption.
That post of course raises the question of where else is a person to go? I noted in "Southern States a Tax Lure for New Jersey Residents?" that other states are going out of their way to try to attract retirees as new residents through the structuring their state tax system to give retirees a financial incentive to transplant to sunnier climates.
Now it seems that TIME magazine has caught up to the story in their feature "Florida Exodus: Rising Taxes Drive Out Residents". TIME notes:
There are many things public officials probably shouldn't do during a severe recession, but no one seems to have told the leaders in Floridaabout them. One thing, for instance, would be giving a dozen top aides hefty raises while urging a rise in property taxes, as the mayor of Miami-Dade County recently did. Or jacking up already exorbitant hurricane-insurance premiums, as Florida's government-run property insurer just did. Or sending an army of highly paid lobbyists to push for a steep hike in electricity rates, as South Florida's public utility is doing.
For states, attracting new residents is good for business - more people equals more revenue. If Florida can't manage its budget in a way that will continue to attract residents, perhaps other states will start offering "deals" to retirees so that dollars will go further in your silver years. perhaps say "CA$H for Change of Address" program is in the making.
