Imagine this: You own a $2 million luxury home or condo up north. Next year, your annual property tax bill could jump by thousands of dollars — with no end in sight. Meanwhile, smart millionaires are quietly selling high in New York City and Boston and relocating to Vero Beach, Florida, where a potential near-total elimination of non-school property taxes for homesteaded primary residences could slash your bill dramatically starting in 2027.
This isn’t hype. It’s happening right now in February 2026.
New York City: The 9.5% Hammer About to Drop
NYC Mayor Zohran Mamdani just proposed a 9.5% property tax rate increase as a “last resort” in his preliminary $127 billion budget to close a $5.4 billion gap. This multiplier applies across the board — hitting Class 1 (1-3 family homes) at the current 19.843% rate and Class 2 (condos/co-ops) at 12.439%.
For a typical $2 million luxury property in NYC, you’re already looking at $15,000–$25,000+ in annual taxes (depending on borough, exemptions, and exact classification). A 9.5% hike? That’s an extra $1,425–$2,375 per year — and it compounds if values keep rising. Homeowners could see bills climb another $700 on average properties, but luxury owners feel it harder.
Boston: Double-Digit Pain Under Mayor Wu — Again
Boston homeowners are getting crushed. In January 2026, the average single-family home faces a 13% property tax increase ($780 more), following a 10.4% spike the prior year. That’s two straight years of double-digit hikes under Mayor Michelle Wu, with residential rates now at $12.40 per $1,000 of assessed value (1.24% base before exemptions).
For a $2 million luxury brownstone or Back Bay home? Expect $18,000–$25,000+ annually even after the residential exemption benefit. Without state approval to shift more burden to commercial properties (which Beacon Hill has blocked), these increases keep coming. Eight of the last years have seen hikes over 5%. Your wallet is paying for it.
Vero Beach, Florida: The Potential Tax Cut of a Lifetime
Now flip the script. In Vero Beach (Indian River County), a $2 million barrier-island or oceanfront estate currently runs $15,000–$25,000 in total property taxes — already competitive. But Florida just took it to another level.
The Florida House passed a proposal (HJR 203, amended for immediate effect) to eliminate all non-school property taxes on homesteaded primary residences starting January 1, 2027 — if voters approve in November 2026. School taxes remain (typically 30-40% of the bill), but the rest? Gone.
That means your $2M Vero Beach homestead could drop to just $5,000–$10,000 annually long-term. Plus:
- $50,000+ homestead exemption (inflation-adjusted)
- Save Our Homes cap (3% annual assessed value increase max)
- No state income tax on wages, pensions, or investments
Side-by-Side for a $2 Million Luxury Home (2026 Estimates):
- NYC: $15K–$25K now → +9.5% = $16.4K–$27.4K (and rising)
- Boston: $18K–$25K now → +13% = $20.3K–$28.3K (after years of hikes)
- Vero Beach: $15K–$25K now → Potentially $5K–$10K post-homestead cut (huge ongoing savings)
The difference? $10,000–$20,000+ per year in your pocket — every year. That’s not pocket change. That’s private school tuition, yacht club dues, or early retirement fuel.
Your Luxury Realtor Should Have a Financial Concierge Desk — Vero Premier Properties Does
Moving $2M+ across states isn’t just about listings. It’s about tax strategy, timing the sale, homestead filing, 1031 exchanges if needed, and seamless relocation. Most agents stop at the closing table.
At Vero Premier Properties (a Signature Division of Coldwell Banker Global Luxury), we have a dedicated Financial Concierge Desk that coordinates everything:
- Tax impact modeling with CPAs
- Timing your northern sale for maximum proceeds
- Homestead application and Save Our Homes protection in Florida
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Mortgage, insurance, and lifestyle transition support
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A wealth management team to help you build multigenerational wealth
We’re plugged in with the top Coldwell Banker Global Luxury Realtors in both New York City and Boston (especially Boston’s elite Back Bay/Beacon Hill teams) to get your property sold at the highest price — fast.
Sell High Up North. Buy Smart in Vero Beach.
Your finances get a major lift. Your lifestyle? Ocean views, no state income tax, world-class golf, boating, and that famous Vero Beach low-key luxury vibe.
Live well with Coldwell Banker.
Ready to escape the tax trap and upgrade your life?
Contact Vero Premier Properties today for a free, confidential relocation consultation and custom $2M tax savings analysis.
Call Ben Bryk at 772-713-9455 or Vance Brinkerhoff at Vero Premier Properties
We handle the north-to-south move, so you don’t have to.
Don’t wait for your next tax bill to hit. The smart money is already heading south.
Vero Premier Properties — Coldwell Banker Global Luxury
Your seamless path from high-tax north to low-tax paradise.
What are you waiting for? Let’s make 2026 the year your wealth and lifestyle both win big.
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