Florida Retirees Leave as Condo Assessments and Insurance Outrun 0% Income Tax

3 articles · Updated · 24/7 Wall St. · Sep 11

Retirees leaving Florida say the breaking point was the full annual cost of owning a home, with condo special assessments, rising dues and reset property taxes often outweighing the state’s no-income-tax appeal.
Insurance was usually the first shock, but not the largest one: private carriers have pulled back, reinsurance costs climbed, and many owners face separate wind and flood bills plus hurricane deductibles tied to insured value.
Older coastal condos have become a particular trap after post-collapse safety reforms forced inspections and reserve funding, triggering large one-time assessments that fixed-income owners struggle to absorb and buyers often avoid.
Florida’s broader cost burden has also risen above its old bargain reputation, with regional prices above the national benchmark, high cooling bills and months-long waits for specialists adding to retirees’ quality-of-life costs.
Many who left moved to lower-cost no-income-tax states such as Tennessee or Texas, or inland within Florida, after comparing total yearly living costs rather than tax rates alone.