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Talk to a Specialist →The Tax Math
Illinois has a flat 4.95% income tax on ALL retirement income except Social Security, plus the 2nd highest property taxes in the nation. A $300K home in IL costs $6,210/yr in property tax vs $2,375 in Polk County. Add the income tax elimination and you save $8K-$14K per year. Illinois retirees are the fastest-growing feeder to central Florida.
Property Tax Comparison ($300K Home)
| Location | Effective Rate | Annual Tax |
|---|---|---|
| Illinois | ~2.07% | $6,210 |
| Polk County, FL (homestead) | ~0.95% | $2,375 |
| Annual Savings | $3,835 | |
Income Tax Comparison
| Income Source | Illinois | Florida |
|---|---|---|
| Social Security | Exempt | $0 |
| Pension ($50,000) | Taxed at 4.95% flat | $0 |
| 401(k)/IRA Withdrawals | Taxed at 4.95% flat | $0 |
Total Estimated Annual Savings
For a couple with $80,000 combined retirement income and a $300,000 home: $8,000-$14,000 per year.
Over 10 years: $80K–$140K in cumulative savings. Over 20 years of retirement, the gap compounds further.
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Best Communities for Illinois Buyers
- Golf lifestyle: Sandpiper Golf ($150/mo all-in with golf) or Lake Ashton (resort-scale amenities)
- Lakefront: Traditions at Lake Ruby (boat dock, Lennar built)
- Lowest cost: Lake Henry Estates ($5,650/yr) or Highlands Ridge (homes under $100K)
- Newest construction: Lakes at Laurel Highlands (D.R. Horton, $170/mo, no CDD)