Scott Selleck shows how a Cliffside Park homeowner paying $10,170 yearly in property taxes could move to Sarasota and buy a $399,000 home, saving $5,100 annually. The tax difference alone covers moving costs in 3.5 years, leaving roughly $123,000 in equity at closing.
Chapters
High selling commissions and closing fees often stop long-term homeowners from relocating. But how do property tax differences pay for the physical move itself? Take a typical Cliffside Park homeowner paying about $10,170 a year in property taxes. The typical Cliffside Park home value is $578,000. Selling costs in the example are $37,570. Buying 2129 Linwood Drive in Sarasota, listed at $399,000, means Florida closing costs and the move are $18,000. Combined, this upfront financial hurdle looks like a permanent loss to a retiree. But the estimated annual property tax savings in the Sarasota example is about $5,100 per year. Watch the math. The break-even on closing and moving costs from tax savings alone is roughly 3.5 years. With equity set aside entirely, cash in pocket at closing is about $123,000. The Cliffside Park homeowner safely relocated to Florida while letting the local tax code completely pay for the transition. This analysis was prepared by Scott Selleck of the Selleck Group at Keller Williams City Views Realty, an experienced advisor licensed in real estate since 1993, with more than 500 closed transactions, and the creator of the NJ to FL transition plan for Bergen County and Hudson County homeowners. Scott is licensed in both New Jersey and Florida and guides the entire move end to end. To run your own numbers, call or text 201-970-3960 or visit SelleckSellsNJ.com. This is for informational purposes only and is not tax or legal advice.
