How The New Tax Law Will Affect Florida:
1.) Local property taxes will be deductible. Florida is a state without income tax and a very friendly state for retirees to do business in. Many high earning individuals from wealthy states with high taxes will soon flock to Florida and this will become a boon to the local economy and tax base increase because of more sales tax being collected etc. On the other hand property values will increase and that will affect those planning to purchase homes in the sunshine state.
2.) Medical expense deduction eliminated! Many elderly Floridians could be affected by this change as it means less money at the end of the year.
3.) The home mortgage interest deduction was reduced from 1 mil to $500,000 and this will affect South Florida most as there are many jumbo mortgages in the region.
