Moving from New York to Florida: luxury buyers' guide

Taxes at the transaction

Selling in New York is expensive on both sides of the table. The buyer pays the mansion tax, a flat 1% on residential purchases of $1 million or more across the state. In New York City the mansion tax is progressive: 1% from $1 million, rising through 2.25% at $5 million and 3.25% at $10 million to 3.9% on purchases of $25 million and above. The seller pays the state transfer tax of 0.4%, an additional 0.25% state tax on New York City residential conveyances of $3 million or more, and the city's own real property transfer tax of 1.425% on residential sales above $500,000. On a $6 million Manhattan condo, the seller's transfer taxes alone approach 2.1% and the buyer's mansion tax is 2.25%.

Florida has no mansion tax and no buyer-side transfer tax. The state documentary stamp tax on deeds is $0.70 per $100 of consideration, customarily paid by the seller. Miami-Dade County is the exception: $0.60 per $100 on single-family residences, with a $0.45 surtax applied to other property types. A buyer who finances pays documentary stamp tax of $0.35 per $100 on the note and a nonrecurring intangible tax of two mills on the mortgage. Who pays for the owner's title policy is a matter of county custom and is negotiable, so ask before you assume the New York pattern applies.

Two federal and state points affect the sequencing of a move. New York requires nonresident sellers to make an estimated income tax payment on the gain at closing, so a seller who establishes Florida domicile before selling the New York home will still owe New York tax on that sale. The federal exclusion of $250,000 ($500,000 for joint filers) on the sale of a principal residence applies in both states, and it is worth confirming which home qualifies as the principal residence for the two of the last five years before you change your domicile.

Taxes on holding: income, property and estate

The income tax gap is the headline. New York's top state rate is 10.9%, and New York City residents pay up to 3.876% on top of that. Florida has no personal income tax, and its constitution prohibits one. The catch is that New York does not let go easily. A person who keeps a permanent place of abode in New York and spends more than 183 days there in a year is taxed as a statutory resident regardless of where they claim domicile. New York residency audits examine where you keep your home, your business, your family, your time and your most valued possessions, so a change of domicile needs to be real and documented. Florida lets you file a Declaration of Domicile with the county clerk.

Property tax works differently in the two states. Florida's homestead exemption removes up to $50,000 of assessed value, which is small at luxury prices, but the Save Our Homes cap that comes with it limits annual assessment growth on a homestead to 3% or the change in CPI, whichever is lower. Non-homestead property has a 10% cap for non-school taxes. Assessments reset to just value when a property sells, so a buyer's first bill will typically be well above the seller's last one. Portability of the Save Our Homes benefit, up to $500,000, applies only between Florida homesteads. In New York City, Class 1 homes have their own assessment caps of 6% per year and 20% over five years, while suburban counties reassess on their own schedules.

New York imposes a state estate tax with a basic exclusion amount of roughly $7.16 million for 2025 and a top rate of 16%. It has a cliff: an estate that exceeds the exclusion by more than 5% loses the exclusion entirely and is taxed from the first dollar. Florida has no estate tax and no inheritance tax. The federal estate tax exemption is $15 million per person in 2026. Florida's homestead law also restricts how a homestead can be devised when the owner is survived by a spouse or minor child, which surprises many owners who arrive with existing estate plans built around New York law.

Agency and disclosure law

New York agency law is built on the disclosure form required by Real Property Law section 443 for one-to-four family residential transactions. It identifies whether a licensee acts as seller's agent, buyer's agent, broker's agent or dual agent, and dual agency is permitted with informed written consent. Closings are attorney-driven: the seller's attorney prepares the contract, the buyer's attorney negotiates it, and nothing binds either party until both have signed, which is why accepted offers fall apart in New York more often than in escrow states. Since March 2024 sellers of residential property must deliver the Property Condition Disclosure Statement; the old option of giving a $500 credit instead has been eliminated.

Florida works the other way around. Chapter 475 of the Florida Statutes presumes that a licensee is a transaction broker unless a single agent relationship is established in writing. A transaction broker provides limited representation and owes limited confidentiality, not the undivided loyalty of a fiduciary, and dual agency is not permitted. There is no general statutory seller disclosure form, but under Johnson v. Davis a seller must disclose known facts that materially affect value and are not readily observable. Since October 2024 sellers must also deliver a statutory flood disclosure. Condominium resales carry statutory disclosures and a three-day right of rescission, and buildings of three or more stories are subject to milestone inspection and structural integrity reserve study requirements that every luxury condo buyer should review.

What to ask an agent on each side

On the New York side, ask the listing agent for a full closing cost sheet before pricing, including the state and city transfer taxes, the additional 0.25% tax on conveyances of $3 million or more, and any co-op or condo flip tax, because these change what a net offer looks like. Ask how the mansion tax is being handled in negotiations at your price point; buyers in the higher New York City tiers often expect it to be reflected in price. Confirm whether the agent is acting as a dual agent for any buyer they bring, and ask your attorney how the nonresident estimated tax payment will be calculated if your domicile has already moved.

On the Florida side, the first question is whether the agent will act as a single agent or a transaction broker, and if you want fiduciary duties, ask for the single agent notice in writing. Ask for the flood zone designation, the elevation certificate if one exists, and a current quote for wind and flood insurance, since insurability drives value in coastal markets. For condos, ask for the milestone inspection report and reserve study. Ask about the homestead filing deadline of March 1 in the year after purchase, and understand that the seller's low assessment will not carry over to you. The site's Florida directory lists agents by market, which helps when the destination is a specific community rather than a metro.