Are you Saving Money Moving to Naples, Florida?

What a North Shore Family Actually Saves by Moving to Naples

Every Florida agent says the same three words: no income tax. True — and for a lot of our North Shore clients, close to meaningless.

We sell in both markets, so we see the actual before-and-after. Here's the honest math.

Property tax: this is where the money is

Glenview's median effective property tax rate runs about 2.10% of home value, with a median annual bill near $9,742. On the North Shore, 2%+ is normal.

Collier County runs roughly 0.9% to 1.1% of purchase price in year one, depending on your district.

Take a couple selling a $1.2M Glenview house and buying a $1.5M home in Naples:

A bigger house for roughly half the tax bill — about $11,600 a year, every year.

Florida adds two protections Illinois has no equivalent to. The homestead exemption takes up to $51,411 off taxable value for 2026 (file by March 1). Then Save Our Homes caps annual assessment increases at 3% or CPI, whichever is less — 2.7% for 2026.

Income tax: the part that surprises retirees

Here's what almost nobody tells you: Illinois already doesn't tax retirement income. Social Security, pensions, IRA and 401(k) withdrawals are all fully exempt — no age threshold, no dollar cap.

So if you're a retired Glenview couple living on a pension and IRA withdrawals, moving to Florida saves you zero in state income tax.

Where the 4.95% actually bites:

If you're still running a company, sitting on a large taxable brokerage account, or two years from a liquidity event, Florida residency is worth real money. A $2M gain realized as a Florida resident instead of an Illinois one is about $99,000 that stays with you.

The estate tax nobody brings up

Illinois has a $4 million estate tax exemption that isn't portable between spouses and hasn't been adjusted for inflation since 2012. Rates run to 16%. Florida has no estate tax.

Four million sounds like a lot until you add it up: a $1.1M Glenview house, $2.2M in retirement accounts, $600K brokerage, a $500K life insurance policy. That's $4.4M — over the line, without ever feeling rich.

For families in that range, changing domicile can be worth more than every property tax dollar in this article combined. Talk to an estate attorney first; Illinois does scrutinize people who claim they've left.

Three traps we watch Chicago buyers fall into

The seller's tax bill is not your tax bill. When a homesteaded Florida property sells, the cap and exemption come off and taxes reset to full market value. If the seller has owned since 2008, your bill could be more than double theirs. Budget off your purchase price using the Collier Property Appraiser's estimator.

Portability doesn't cross state lines. Save Our Homes portability moves within Florida only. Coming from Illinois, you start at full market value.

There's a live ballot question. Florida voters decide a homestead exemption amendment in November 2026. Reporting indicates it would give people who move to Florida on or after January 1, 2027 only a $50,000 non-school exemption for their first five years. Nothing is settled, but if you're planning a 2027 move, timing may matter.

One household, two very different answers

A couple, 62, selling at $1.2M in Glenview, buying at $1.5M in Naples. He still draws ~$180,000 in K-1 income.

Now take the same couple with no business income — just pensions and IRAs. Their savings drop to the property tax line alone: still real, but nothing like the headline.

Same move. Very different answer.

What this doesn't include

Florida claws some of it back. Wind and flood insurance on a coastal property can run into five figures annually. Golf club initiation fees surprise Midwest buyers by six figures. HOA and CDD assessments ride on the same tax bill. We'd rather you hear that from us than find it at closing.

We're one team on both ends of this move — we list your Glenview home and represent you in Naples, so the timing and the residency calendar get coordinated instead of colliding.