$1,000,000
$5,000,000
$0
Every engagement begins with a private discussion — objectives, timing, tax posture.
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NEW YORK CITY
$2.5M
Median Condo Price
12.8%
Combined Tax Rate
$2,850
Price Per Sq Ft
More questions buyers ask
New York generally treats an individual as a statutory resident if they maintain a permanent place of abode in New York and spend more than 183 days in the state in the tax year. Florida residency is established by domicile (intent + presence) rather than a hard day count — standard proof points include a Florida declaration of domicile, Florida driver’s license, voter registration, vehicle registration, primary residence in Florida, homestead application where eligible, and primary financial/professional ties moved south. Rigorous day-count tracking and primary-home indicators matter more than any single document in audit defense.
For a $5M ordinary-income earner moving from NYC resident status to Florida domicile, the indicative annual state-and-local tax saving is generally in the high six figures, driven by NY state tax + NYC resident tax (combined effective rate typically in the low double digits at that income) versus Florida’s zero state income tax. Capital-gains-heavy income shifts the math; trust and pass-through structuring can amplify or dampen the saving. Confirm with a multistate tax CPA before relying on this estimate.