According to Knight Frank, Miami ranks No. 2 together with Berlin among top global cities to buy luxury homes in 2020, and Miami luxury market prices are expected to increase 5% during the next year.
Miami is expected to continue feeling the benefits of the State and Land Tax (SALT) deduction, which can have a significant impact on residents of U.S. states like Florida that don’t levy a personal income tax. This tax law has had a big impact on wealthy residents from high-tax states such as New York, Connecticut, and California to move their residence to Florida.
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