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Talk to a Specialist →The Equity Conversion
The median home value in Illinois is approximately $250,000. After selling costs (6% agent commission + closing costs), a typical IL homeowner nets roughly 92–93% of sale price. Here is what that equity buys in Palm Beach County:
| IL Home Sale | Net After Costs | PBC Option | Cash Left Over |
|---|---|---|---|
| $400K | ~$370K | Legacy condo ($130K) | ~$240K |
| $400K | ~$370K | Mid-tier villa ($280K) | ~$90K |
| $600K | ~$555K | GL Homes Valencia ($450K) | ~$105K |
| $800K | ~$740K | Cresswind/Regency ($650K) | ~$90K |
| $1M+ | ~$925K | Valencia Sound/Del Mar ($750K) | ~$175K |
Income Tax: Illinois vs Florida
Illinois has a flat state income tax of 4.95%. Retirement income (pensions, Social Security, 401k/IRA) is not taxed in IL. Like Pennsylvania, this means IL retirees on fixed retirement income see minimal income tax savings from moving to Florida. The savings come from property tax reduction — Illinois has some of the highest property taxes in the nation.
The Honest Caveat
Illinois does not tax retirement income. If your income is entirely pensions and Social Security, the move to Florida saves you nothing on income taxes. The case for moving is property tax reduction (significant in Cook County and collar counties), weather, and lifestyle. Run the property tax comparison using your actual IL bill vs. the estimated PBC bill — the savings are real but vary widely by IL county.
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Property Tax Comparison
Florida effective property tax rate in Palm Beach County is approximately 1.1–1.3% depending on municipality. Illinois rates vary but typically run 1.8–2.5% effective. The comparison depends on your specific home values in both states. Use this framework:
If your IL home is assessed at $500K and your PBC home will be assessed at $400K, your property tax likely decreases — both because of the lower assessment and because Florida homestead exemption removes $50K from assessed value. But if you are moving from a state with property tax caps or senior exemptions that reduced your IL bill below the nominal rate, the Florida bill may be comparable or higher in year one.
7What Illinois Buyers Typically Choose
Based on the communities we cover, Illinois relocators tend to cluster in two tiers: legacy condos (Kings Point, Century Village) for budget-conscious buyers who want to maximize cash reserves, and GL Homes Valencias for buyers who sold a $500K+ home and want resort-quality living. The golf communities (Hunters Run, Indian Spring) draw Illinois golfers who previously belonged to private clubs.
Related Research
← Back to Palm Beach County HubTotal Cost Comparison Table →PBC Property Tax Guide →Legacy Condo Guide →Moving from Illinois?
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