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Talk to a Specialist →The Property Tax Gap — New Jersey's Biggest Export to Florida
New Jersey property tax is the primary reason NJ residents move to Broward County. The numbers are stark. The average effective property tax rate in Bergen County is approximately 2.4%. In Monmouth County: 2.1%. In Morris County: 2.3%. In Broward County: approximately 1.0–1.4% with homestead exemption applied.
| Home Value | NJ Property Tax (avg 2.3%) | Broward Property Tax (1.1% eff.) | Annual Savings |
|---|---|---|---|
| $400,000 | $9,200 | $3,868 | $5,332 |
| $500,000 | $11,500 | $4,960 | $6,540 |
| $600,000 | $13,800 | $5,952 | $7,848 |
| $750,000 | $17,250 | $7,440 | $9,810 |
A NJ homeowner selling a $500K home and buying a $350K Broward home saves $6,540/year in property tax alone. Over 10 years: $65,400. Over 20 years: $130,800. And this is before state income tax savings.
The Income Tax Elimination
New Jersey's state income tax ranges from 1.4% to 10.75% depending on income level. For a retired couple with $80,000 in combined income (pension, Social Security, IRA distributions), NJ income tax is approximately $2,000–$3,500 depending on the breakdown between Social Security (partially exempt in NJ) and other income. Florida: $0.
New Jersey does offer a pension exclusion for residents age 62+ with income below $150,000 — up to $100,000 in pension income can be excluded. If your pension is below the exclusion threshold, the NJ income tax savings from moving to Florida may be smaller than expected. Run the numbers with your specific income sources before assuming the savings.
The Inheritance Tax — The Hidden NJ Cost Nobody Talks About
New Jersey is one of only six states with an inheritance tax (separate from estate tax). NJ's inheritance tax applies to bequests to non-spouse, non-child beneficiaries at rates ranging from 11% to 16%. Even gifts to siblings, nieces, nephews, and friends are taxed. Florida has no inheritance tax and no estate tax.
If you plan to leave assets to anyone other than your spouse or children — siblings, grandchildren through intestacy, friends, charitable organizations not qualifying for exemptions — NJ's inheritance tax takes a significant bite. Moving to Florida before death eliminates this tax entirely. For estates with $200,000+ in assets being left to non-exempt beneficiaries, the inheritance tax savings alone can be five figures.
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The Equity Conversion — What Your NJ Home Buys
A Bergen County homeowner selling at $550K with $200K mortgage remaining nets approximately $295,000–$310,000 after closing costs and moving expenses. In Broward:
$300K Cash from NJ — What It Buys in Broward
Option 1: A single-family home at Mainlands of Tamarac ($280K) with $20K in reserve. HOA $100/month. Zero SB 4-D. Your own insurance. Annual carry: ~$8,960. This is the closest match to the NJ homeownership experience — owned land, your own structure, low monthly fees.
Option 2: A premium condo at Wynmoor Village ($260K) with $40K in reserve. 18-hole golf included. HOA $450/month. Annual carry: ~$8,600. For NJ golfers paying $5K+/year in club dues on top of property tax, this is a lifestyle upgrade that also costs less.
Option 3: A Kings Point villa ($250K) with $50K in reserve. HOA $170/month. No SB 4-D. Theater, shuttle, social programming included. Annual carry: ~$7,700. The lowest annual cost with full community amenities.
What NJ Buyers Say About the Adjustment
The NJ-to-Broward pipeline is the strongest in any Florida 55+ market. Century Village, Kings Point, and Wynmoor all have significant NJ transplant populations — you will hear NJ references in conversation, find Italian delis that pass muster, and encounter a directness in social interactions that feels familiar. The geographic and cultural gap between Bergen County and Broward County is narrower than most transplants expect.
The biggest adjustment: the NJ property tax PTSD takes a year to wear off. New residents check their first Broward tax bill three times because they can't believe the number is that low. The second biggest: Florida homeowner's insurance ($3,000–$5,000/year for a single-family home) is higher than what many NJ residents paid. But the net savings — property tax reduction plus income tax elimination minus higher insurance — is still $8,000–$15,000/year for a typical NJ transplant.
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