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There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
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Phyllis Frankel Realty Group is
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Find Out More About the Jacksonville and Ponte Vedra Beach Area Economy & Job Market
In Jacksonville and the surrounding counties there are many major banks, investment service providers, insurance companies and credit unions. These include big, small and in-between financial services. The big banking companies in town include Bank of America and Wachovia, formerly First Union. Jacksonville holds a regional headquarters of Bank of America, which is the second-largest banking company in the USA. The Charlotte, N.C. location has assets of more than $600 billion. One third of American families have some kind of account with BofA. Bank of America has 140,000 employees, approximately 5,500 in the Jacksonville area.
Wachovia, with a regional headquarters in Jacksonville as well, and has more than $250 billion in assets and has the biggest share of the deposit market in Duval County, 40 %. It has about 85,000 employees, including 10,000 in Florida and about 3,000 on the First Coast.  Jacksonville is an important part of the Federal Reserve System, as it is home to one of the nation's 25 branches of Federal Reserve Banks.
VyStar (formerly, the Jax Navy Credit Union) the 15th largest credit union in the country also has a large presence in the area. It has been around for 50 years and has grown to 275,000 members and $2.2 billion in assets. It employs about 700. Other major financial service companies in the Jacksonville area (with number of employees) include: Citibank (3,800); Washington Mutual (1,705); Merrill Lynch (1,500 employees), Alliance Capital Partners (1,100); Metris Companies (950); Fairbanks Capital (900); Cendant Mortgage (900); Chase Manhattan Mortgage (500); Atlantic Mortgage & Investment (405); SunTrust (350); and South Trust Bank (350).
Jacksonville is also the home of several major insurance companies. They include: Blue Cross Blue Shield of Florida, which has corporate headquarters in Jacksonville (8,500 employees); Aetna U.S. Healthcare, regional headquarters (3,000); Humana, regional headquarters (1,600); Prudential Individual Financial Services, regional headquarters (1,200); Allstate Financial (850); and State Farm Insurance Cos. (762).
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Top 25
Jacksonville Employers and Number of Employees |
Mayport Naval Station
Duval County public schools
Winn-Dixie Stores
Jacksonville Naval Air Station
Blue Cross/Blue Shield of Florida
State of Florida
Publix Super Markets
Start here City of Jacksonville
Wal-Mart
Baptist Health System
Bank of America
CSX Corp.
United Parcel Service
Naval Aviation Depot |
15,001
14442
12097
10317
8500
7056
7000
6761
5800
5584
5500
5200
4970
4200 |
U.S. Postal Service
St. Vincent's Health System
Shands Jacksonville
Florida Community College at Jacksonville
Convergys
Wachovia
Citibank Universal Card Services
Gate Petroleum
Aetna U.S. Healthcare
BellSouth
Vistakon
Mayo Clinic of Jacksonville
The Pantry |
4184
3862
3700
3684
3600
3279
3200
3000
3000
3000
2400
2258
2000 |
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Top St. Johns
County Employers and Number of Employees |
Northrop Grumman
VAW of America
Tensolite High Tech |
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Flagler Hospital
Luhrs Mainship |
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Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What has been described as the world's most beautiful building?
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| A |
The white marble Taj Mahal in India was built by the Mogul emperor Shah Jahan (1631-53) to enshrine his favorite wife. |
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- NUMBER1EXPERTS™ 
