Illinois exempts all retirement income from state tax. Moving to Florida saves you nothing on income. The property tax savings are real — but the income tax story is the opposite of what most people expect.
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Talk to a Specialist →Illinois has the second-highest effective property tax rate in the nation, behind only New Jersey. The statewide average is approximately 2.1%–2.3%, with Cook County (Chicago area) and collar counties (DuPage, Lake, Will) commonly running $7,000–$15,000+ per year on homes in the $350,000–$600,000 range.
St. Johns County 2025 millage: 13.47 mills (effective rate approximately 1.35% before exemptions). On a $425,000 home with the $50,000 homestead exemption, year-one tax: approximately $5,051.
| Home Value | Illinois Property Tax (est. 2.2%) | St. Johns County Year-1 Tax | Annual Property Tax Savings |
|---|---|---|---|
| $375,000 | $8,250 | $4,385 | $3,865 |
| $425,000 | $9,350 | $5,051 | $4,299 |
| $500,000 | $11,000 | $6,062 | $4,938 |
| $600,000 | $13,200 | $7,409 | $5,791 |
On a $425,000 home, you save approximately $4,299/year in property tax. The Save Our Homes cap then locks in a maximum 3%/year increase on your St. Johns County assessment while Illinois property taxes continue rising with each school district budget cycle. Over 10 years, cumulative savings on property tax alone run approximately $30,000–$40,000.
Illinois exempts retirement income but still taxes some investment income at 4.95% — specifically, short-term capital gains and interest/dividends that do not qualify for IL's retirement income exclusion. If you have a taxable investment portfolio generating $40,000/year in interest and dividends, you pay approximately $1,980/year in Illinois on that income. In Florida: $0. For retirees with substantial taxable investment portfolios, this is a real but secondary savings compared to property tax.
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Illinois buyers moving to St. Augustine are primarily making a property tax and quality-of-life decision — not primarily an income tax decision. The property tax savings of $3,500–$6,000/year are real and compound. The climate change is real. The income tax math is not the story here.
Illinois buyers — particularly from the Chicago suburbs — tend to be sophisticated about HOA and community finances, having dealt with Illinois condo assessments and homeowner associations that carry significant fiduciary responsibility. They also tend to be discerning about value: they are moving partly because they are tired of high carrying costs, so communities with transparent fee structures and confirmed costs appeal more than communities with marketing language and unconfirmed CDDs.
Reverie at Silverleaf — no CDD, confirmed HOA, transparent cost structure — tends to resonate. Parkland Preserve — confirm the specific CDD amount for any parcel before comparing to Reverie.
Illinois buyers know the difference between stated costs and actual costs. We publish both. An agent who knows this market can give you the confirmed numbers for any community you are considering.
Connect with a Local Agent →Illinois retirement income exemption per 35 ILCS 5/203(a)(2)(N). Illinois flat income tax rate 4.95% as of 2025. Illinois effective property tax rate approximately 2.1%–2.3% statewide. St. Johns County millage 13.47 mills for 2025. Consult a CPA for your specific tax situation before moving. This page is for research purposes only.
Connect with a specialist who knows this market from the inside — real cost math, honest community comparisons, and what's actually happening right now. Every agent is personally vetted by the Nova55Living founder.
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