For those who don’t already know, Delaware is more than just pretty beaches, great weather, and stunning homes for sale. There are a few interesting financial benefits to living or retiring in Delaware that make it very unique to the northeast. These financial benefits allow residents and retirees to take more advantage of the natural surroundings and social offerings that make Delaware such a great place to live. The state also is snuggled in between some of the most expensive and retirement unfriendly areas of the country, making it an even more attractive retirement destination for northeasterners. Below is a brief overview of some of the biggest financial advantages to living in Delaware:
1. No Sales Tax – Delaware’s consumers do not have to worry about extra cost on goods but instead can enjoy tax-free shopping!
2. Retirement Income Taxes – Benefits from Railroad Retirement and Social Security benefits are tax exempt! In fact, residents 60 and over are exempt from retirement income taxes on up to $12,500, while those who are below 60 enjoy up to $2000 of retirement income tax exemption. Out of state government pensions and retired military pay may also qualify for the tax exemptions.
3. No Personal Property Tax & No Inheritance Tax for most residents.
4. Property Taxes, specifically Sussex County, are some of the lowest in the nation according to the 2010 Census Data. The county has a very low ratio of median annual property tax to home value.
