Hello!
Has anyone considered retiring/relocating to Delaware? It is very appealing due to its location (within in 2 hours to the Major East Coast Metropolitan Areas), low cost of living and it's tax structure. People tend to focus on states with no income tax, such as Florida, Texas and Nevada. However, when retiring, it seems as though the the biggest burden is property taxes and sales tax. There's no state sales tax, property taxes are relatively low, and homeowners 65 and older qualify for a tax credit on half of their school taxes, up to $500. Delaware does have a maximum state income tax of 5.95%, but Social Security benefits are exempt.
Delaware has also had a presence in the "Best Places to Retire" Lists as well as Where To Retire Magazine's "Tax Heaven and Tax Hells" under Best Tax Heavens (beat by Anchorage, Alaska - but the climate is much colder there!)
I am curious to hear your thoughts, there seems to be alot of interest in retirees in the Lewes/Rehoboth Beach (annual property taxes about 1000) area as well as Kent County (annual property taxes range from 600 to 800)
Would love to hear what you think If so, why and where? If not, why not?
Thank you!
Has anyone considered retiring/relocating to Delaware? It is very appealing due to its location (within in 2 hours to the Major East Coast Metropolitan Areas), low cost of living and it's tax structure. People tend to focus on states with no income tax, such as Florida, Texas and Nevada. However, when retiring, it seems as though the the biggest burden is property taxes and sales tax. There's no state sales tax, property taxes are relatively low, and homeowners 65 and older qualify for a tax credit on half of their school taxes, up to $500. Delaware does have a maximum state income tax of 5.95%, but Social Security benefits are exempt.
Delaware has also had a presence in the "Best Places to Retire" Lists as well as Where To Retire Magazine's "Tax Heaven and Tax Hells" under Best Tax Heavens (beat by Anchorage, Alaska - but the climate is much colder there!)
I am curious to hear your thoughts, there seems to be alot of interest in retirees in the Lewes/Rehoboth Beach (annual property taxes about 1000) area as well as Kent County (annual property taxes range from 600 to 800)
Would love to hear what you think If so, why and where? If not, why not?
Thank you!