Washington state millionaires are increasingly eyeing Florida real estate to escape a changing tax landscape in the Pacific Northwest, according to a luxury real estate expert.
uncertain
millionaires → eye → expert
"I would say that the first thing is taxes.
asserted
thing → say → ?
Income tax in Florida is 0%, and in Washington state, it's 9.9% as of January 2028," Margit Brandt, a luxury property specialist, told Fox News Digital.
asserted
Brandt → tell → Digital
I just think that they've created this really punitive tax environment that's unappealing to the high-net-worth individuals who are the high earners in Washington State, and that's been the biggest kind of feeder for our market here
asserted
that → think → market
," she added.
asserted
she → add → ?
The push comes after the Democratic-controlled Washington Legislature passed, and Gov. Bob Ferguson signed, a 9.9% levy on annual adjusted gross income above the law's $1 million threshold.
asserted
Ferguson → come → threshold
Set to take effect on Jan. 1, 2028 — with initial returns due in April 2029 — the legislation marks a major change for a state that currently has no individual income tax.
asserted
that → Set → tax
The tax is already facing a court challenge over its constitutionality, while real estate insiders say the new law is influencing some wealthy residents' relocation decisions.
asserted
law → face → decisions
"We've seen actual deals — big deals — happen with high earners from Washington state," Brandt said.
asserted
Brandt → see → state
These are closed transactions with people setting up a whole new life here in Florida.
asserted
These → close → Florida
While comprehensive data tracking millionaire migration following the new tax are not yet available, a recent business survey found increased interest among respondents in relocating.
asserted
survey → track → respondents
A recent survey released by the Association of Washington Business (AWB) — the state's chamber of commerce and manufacturers association — found that 24% of respondents said they were considering moving their businesses out of Washington.
asserted
they → release → Washington
That figure is up from 17% in the previous quarter and nearly triple the rate recorded 16 months ago.
asserted
figure → record → rate
Furthermore, 55% of surveyed business leaders said they are considering moving their personal residence to another state — a number that climbs to 67% in Spokane County, near the low-tax Idaho border.
asserted
that → survey → border
The shift is mirrored in high-profile individual departures.
asserted
shift → mirror → departures
Jesse Proudman, founder and CTO of privacy-focused AI platform Venice.ai, told Fox News Digital in May that he was leaving the Evergreen State, warning that a region once known as a "startup sanctuary" has grown increasingly hostile to business leaders.
uncertain
region → focus → leaders
Similarly, coffee giant Starbucks announced in April that it would invest $100 million to set up an additional support office in Nashville, Tennessee — a state with no individual income tax — where it expects to have 2,000 support jobs over the next five years.
asserted
it → announce → years
Starbucks said those jobs will include newly created positions, work brought in-house and some teams moved from Seattle.
asserted
jobs → say → Seattle
Beyond balance sheets, Brandt said that safety, culture, and quality of life are primary drivers for wealthy transplants moving to Florida and other states, including Texas and the Carolinas.
asserted
safety → say → Texas
"If they're looking at a $10 million house, a $20 million house, a $50 million house, or a $100 million house, it's more than just a house.
asserted
it → look → house
It's a whole new lifestyle," Brandt said, adding that Florida’s lack of a state estate tax and its proximity to the Caribbean appeal heavily to multi-generational wealth.
asserted
lack → say → wealth
"They want safety, security, good schools, and to set up their financial future.
asserted
They → want → future
Florida is just such an easy landing place, and I think we're going to see way more of it in the coming years."
asserted
we → think → years
Fox News Digital reached out for comment to Senator Patty Murray, D-Wash, Senator Maria Cantwell, D-Wash, as well as Washington state’s governor, Bob Ferguson.
asserted
Digital → reach → Murray
Fox News Digital also reached out to State Sen. Jamie Pedersen (D-Seattle), the architect of the millionaire's tax bill, for comment.
asserted
Digital → reach → comment
Fox News Digital also reached out to Seattle Mayor Katie Wilson.
asserted
Digital → reach → Wilson
The Aporia
