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Talk to a Specialist →The Equity Conversion
The median home value in New Jersey is approximately $500,000. After selling costs (6% agent commission + closing costs), a typical NJ homeowner nets roughly 92–93% of sale price. Here is what that equity buys in Palm Beach County:
| NJ 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: New Jersey vs Florida
New Jersey has a state income tax of 1.4–10.75% and the highest effective property tax rate in the nation. Florida has no state income tax. For NJ retirees, the combined income tax + property tax savings can exceed $10,000–$20,000+/year depending on income and home value. This is the most dramatic tax shift of any feeder state.
The Honest Caveat
The tax savings from NJ to FL are real and large. But NJ has senior freeze and homestead benefit programs that reduce property taxes for long-term senior homeowners. If you have been in your NJ home for 20+ years with a frozen assessment, your actual NJ property tax may be lower than the market-rate number suggests. Compare your actual NJ bill to the estimated FL bill, not the theoretical rates. Also: Florida homeowners insurance ($3,000–$5,000+/year) partially offsets the property tax savings that NJ retirees expect.
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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. New Jersey rates vary but typically run 1.8–2.5% effective (highest in the nation). The comparison depends on your specific home values in both states. Use this framework:
If your NJ 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 NJ bill below the nominal rate, the Florida bill may be comparable or higher in year one.
2What New Jersey Buyers Typically Choose
Based on the communities we cover, New Jersey 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 New Jersey golfers who previously belonged to private clubs.
Related Research
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