Ready for a break from high property taxes, and the chillier weather?
Here are four fantastic getaway choices where the weather is warm, and you might be able to pick up a sweet condo with lower taxes…
Florida
Florida might not be the cheapest state for property taxes, but it may be far less expensive than New York. You’ll also find endless days of sunshine, great homestead exemption protection from rising property taxes, and no state income tax. Just be aware that winter can be the most expensive time to visit the Sunshine State. Expect to pay 2 to 4 times as much for hotels and rentals, unless you own your own beach condo.
Dubai
For those looking to really get away as far as possible, consider Dubai. The sun is sizzling hot, and plans to construct the next tallest building in the world here were recently unveiled. Dubai is also famous for lack of taxes. This has changed a little over time, but Just Landed says there are still no property taxes, or capital gains tax. However, if you do buy a condo here expect to pay a small municipal tax based upon the rental value of your property, and fees for waste removal.
Mexico
Mexico City is one of the most popular travel destinations this season according to Google. International Living estimates that on a $100,000 property you may pay just $50 to $150 in annual property tax. However, do note that there can be heavy taxes on rental income, and short term capital gains. Still, with the overall cost of living so low, you could still come out a winner. It’s definitely worth a vacation to explore your options.
Dominican Republic
The DR has been gaining a lot of attention from European developers and U.S. investors recently. Master Agent for the new Central Suites Tower in Santo Domingo, Rosa Houghten explains that affordability, stylish new condos, easy residency paths, and no annual property taxes on properties less than $100,000, are all helping to fuel this trend. Plus, it is only 3.5 hours away from NYC by plane.
Of course, if you are staying put to enjoy the snow and lights in NYC there is plenty to do. If you are still in love with your New York property, and can’t bear to leave, at least leverage the help of a local property tax adjuster to minimize your bills. Then you’ll be able to find the cash for those spontaneous getaways.
Where will you go this winter? Where are you interested in picking up a new pad in the sun?