As we had previously posted, one of the questions we often receive from out-of-state buyers is “Why would I buy in Arizona when I can pay no income taxes in Texas and Florida?”
Now the Arizona courts have made this answer easier for us to help answer. One of the more controversial ballet measured narrowly pasted during the last major election cycle in Arizona was prop 208 – which would have effectively raised the top state income rate to 8% – making Arizona the 10th highest state for income taxes.
In response to this, the Governor and state government passed a new 2.5% flat income tax and with the help of a state judge who recently struck down prop 208 as unconstitutional, Arizona residents will not have a flat income tax rate of 2.5% starting in 2024 – making it the lowest flat tax income rate amongst states with an income tax.
And as we previously wrote about Arizona’s combined lower taxes being some of the best in the nation, now residents will have even more reason to call Arizona home – especially if you are moving from a high-tax state.
HOW WE CAN HELP YOU…
The Goldman Ruge Luxury Group provides luxury property owners, buyers, and sellers in Arizona with the highest level of service and support when dealing with one of the largest personal financial decisions our clients will make in Arizona. Our clients depend on us as their trusted advisors for all aspects associated with their luxury properties both including and beyond the home buying and selling processes by helping them protect and maximizing the asset value of their luxury properties. We primarily focus on luxury property sales in the Paradise Valley, Arcadia, Scottsdale, and Phoenix areas.
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