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[quote=Anonymous][quote=Anonymous]Rich people only have to live in Florida 27 weeks a year.

In the Hamptons and NYC condos and Coops tons are in LLCs. Owners have homestead exemption in Florida and keep a second non primary residence in NY

To be honest I own condo in NY. I have no mortgage. Costs me $900 a month to own taxes plus common charges and insurance.

That is only 11k a year. I was in Florida recently and I saw tons of recently retired NY people from Wall Street. Easy to have a 3 million 401k plus old stock grants plus maybe 5 million in stocks and bonds that in retirement throwing off big taxable income tax streams between RMDs etc.

Why give NY 8 percent? Why pay 36k property tax on your large NY house. Why not just buy a one bedroom coop in NYC or small place in Hamptons and a Florida home.

[/quote]

Why give NY 8 percent? My answer would be because you presumably benefited from its robust economy and perhaps its public schools (either directly, or indirectly via being able to hire educated workers to help make you successful). It’s part of the social contract.

On another note, it’s amazing how the older I get the more I see people who, trapped by their greed, choose to live in places they dislike, or wouldn’t prefer, due to taxes. Here it’s FL or TX, in Europe it’s Switzerland or increasingly Belgium. I thought being wealthy would set people free but it’s a trap, in some ways. [/quote]

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