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Virginia has a state income tax of 2–5.75%. The first $12K of pension income is exempt for retirees 65+. Social Security is not taxed in VA. The move to Florida eliminates $2,000–$4,000/year in state income tax on non-exempt income. Northern Virginia home equity ($550K–$800K+) converts powerfully into the resort tier. Hampton Roads and Richmond equity ($300K–$450K) targets the mid-tier.
Equity Conversion
| VA Home Sale | Net After Costs | PBC Option |
|---|---|---|
| $300K | ~$277K | Legacy condo ($130K) + $147K reserves, or mid-tier villa ($260K) minimal reserves |
| $500K | ~$462K | GL Homes Valencia ($450K) or Bellaggio/Cascades |
| $700K+ | ~$645K+ | Cresswind, Regency at Avenir, or Valencia Sound/Del Mar |
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What to Know
Florida has no state income tax, which benefits Virginia retirees with taxable pension and investment income. Florida homeowners insurance is significantly more expensive than Virginia. Property tax comparison depends on your specific home values and municipalities in both states. Run the full budget before assuming Florida is cheaper across the board.