Trump and his wife, First Lady Melania, filed documents to change their official residences to Palm Beach, Florida, last month, as reported by The New York Times on Thursday. The publication cited documents filed with the Palm Beach County Circuit Court. Palm Beach is where Mar-a-Lago is located.
The president has claimed Trump Tower on Fifth Avenue as his primary residence since the early 1980s.
Florida has no statewide income tax, estate tax or inheritance tax. Meanwhile, New York’s top income tax rate is more than 8 percent.